Elm Company · TADAWUL:7203
Elm — FY2025 Earnings Presentation
22 slides from Elm's earnings presentation, Mar 2, 2026
Slide 1: FY 2025 Results Presentation
FY 2025 Results Presentation 2 March 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by elm solely for informational purposes. The presentation may contain or include statements that are, or may be deemed to be, “forward-looking statements”. Any forward-looking statements reflect the Company’s current view with respect to future events
Slide 3: With you Today
With you Today Mohammad Alomair CEO Ibrahim Almuhanna Abdullah Alarifi Othman Altwaijri Majed Alotaibi Head of IR VP - Research & AI CFO Chief Digital Government Products Thiqah Chairman of the Board 3
Slide 4: Agenda
Agenda Key Highlights Financial Performance 2026 Guidance 4
Slide 5: Key Highlights: 2025 Key Notes
Key Highlights 2025 Key Notes Cautious macro environment AI accelerating in Saudi First year post - Thiqah Expanded logistics are creating pressure across Arabia with strong transaction focused on vertical through sectors locally and globally national momentum cost optimization investment 2025 Upsid
Slide 6: Key Highlights: Financial Highlights
Key Highlights Financial Highlights Revenue Gross Profit EBIT Net Profit FY 2025 9,465 3,678 2,030 2,090 million million million million % Change from the Same 27.8% 21.3% 19.4% 14.4% Period Last Year 2025 Highlights 2026 and beyond Products - Growth in most of the Gov’t products Products ✓ Driving
Slide 7: AI Update
AI Update elm has moved decisively from AI experimentation to AI industrialization Industrialization achieved Core AI Assets Established 2026 — The Scale Phase From Capability Building → to value creation 10 live services Nuha – Industry Scale AI transactional services specialized LLM 6 inquiry serv
Slide 8: 2025 Performance Highlights | Digital Products
2025 Performance Highlights | Digital Products Top 6 products contributed 4.4 billion ▪ An overall 14% growth was achieved, despite challenges impacting products Nusuk & Fasah due to: − Principal and agent handling of Fasah 17%-30% − Hajj sustained performance despite a Other products contributed 1.
Slide 9: Key Highlights | Digital Products
Key Highlights | Digital Products Products and services launched during 2025 5 159 Million New products جديـر Revenue from New Jadeer products/services + 103% 277 Million Sector Breakdown Revenue from 2024 Launches (Scaled in 2025) 33 New services ” ” ” Ministry of Interior Nusuk Absher Platform ”
Slide 10: Key Highlights | Digital Products
Key Highlights | Digital Products Products and services that will be launched during 2026 Sector Breakdown ” Logistics 9 ” Ministry of Interior 300 Million New Revenue from 2026 New products ” ” ” Nusuk Development & economic verticals Judicial & real estate systems product/services + 95% 310 Millio
Slide 11: M&A Update - Thiqah Financial Performance
M&A Update - Thiqah Financial Performance Key highlights Revenue ( million) -2.1% • Thiqah comparative figures for FY24 and prior years have been restated as part of 2025 year- end review, reflecting correction of capitalized assets, amortization, and revenue. This led to a 1,615 1,548 reduction in
Slide 12: Thiqah Company Update
Thiqah Company Update 2025 Key Highlights for Thiqah Review of all running contracts and Reviewing intangible assets and Delay in number of services that agreements for potential capitalization and adjustments were planned to be launched or adjustments and capitalizing on required activated during 2
Slide 13: Agenda
Agenda Key Highlights Financial Performance 2026 Guidance 13
Slide 14: P&L Highlights (SAR million)
P&L Highlights ( million) Revenue by Business Segment Gross Profit by Business Segment Revenue • Revenue grew due to growth across all segments. • Thiqah revenue contributed to the overall revenue +28% 9,465 +21% 3,678 growth by an amount of SAR 1,088 million*. 182 37 3,031 475 Gross Profit 7,407 2,
Slide 15: P&L Highlights (SAR million)
P&L Highlights ( million) Operating Profit (EBIT) EBIT Increased with decrease in margin +19% • EBIT grew by 19% and its margin had a decline reaching -29 -67 37 -193 2,030 21%, impacted by Thiqah. 1,700 647 -65 • Thiqah contributed to a decrease of SAR 70 million* due to losses. FY 2024 Gross Profi
Slide 16: Digital Business (SAR million)
Digital Business ( million) DB Revenue DB Gross Profit Digital Products Revenue Continuous Revenue growth • The growth was attributed to growth in Digital Products, +23% +23% +25% with Thiqah contributing SAR 505 million towards this, 6,725 3,166 6,209 while Projects remained stable year-over-year.
Slide 17: Business Process Outsourcing (SAR million)
Business Process Outsourcing ( million) BPO Revenue BPO Gross Profit Revenue Growth 2,558 11% 475 Driven by new projects expansion and increased +43% 428 deliverables, supported by Thiqah’s acquisition which contributed SAR 583 million in revenue. 1,785 Gross Profit Grew along with revenue with marg
Slide 18: Professional Services (SAR million)
Professional Services ( million) PS Revenue PS Gross Profit Revenue Growth +19% 182 37 Revenue growth primarily attributable to new 61% projects. 153 Gross Profit Growth 23 Gross profit and margin grew along with the revenue mainly due to the new high-margin projects. FY 2024 FY 2025 FY 2024 FY 2025
Slide 19: Balance Sheet and Cash Flow Highlights (SAR million)
Balance Sheet and Cash Flow Highlights ( million) Cash flow Impact Cash Balance Movement ( millions) Receivable (Number of Days) • Cash generation remained strong, with Operating 154 cash flows reaching 127% of Net profit, reflecting 142 151 improved profitability and working capital 2,663 movements
Slide 20: Agenda
Agenda Key Highlights Financial Performance 2026 Guidance 20
Slide 21: 2026 Guidance
2026 Guidance 2025 Guidance* FY 2025 Actual 2026 Guidance Revenue Growth 33%-35% 28% 17%-19% Operational Profit Margin (EBIT %) 22%-24% 21% 21%-23% Cash Flow from Operating Activities as % of Net Income 80% - 90% 127% 85%-95% *2025 Guidance reflect the guidance including Thiqah. 21
Slide 22: Thank you
Thank you Contact Information Investor Relations Application Investor Relations Department Investor Relations Webpage Tel: +(966) 11 250 3962 Email: ir@elm.sa Investor Relations Website Click here