Saudi Aramco Base Oil Company - Luberef · TADAWUL:2223
Saudi Aramco Base Oil Company - Luberef — Saudi Aramco Base Oil Company - Luberef — Q1 2026 Earnings Presentation
15 slides from Saudi Aramco Base Oil Company - Luberef's earnings presentation, May 11, 2026
Slide 1: Earnings Call Q1 2026
Earnings Call Q1 2026 May 11th, 2026
Slide 2: Legal Disclaimer
The information provided in this presentation the Company’s actual results, performance authorizations to pay future dividends; Luberef’s and any written or verbal accompanying or achievements to be materially different from dependence on the reliability and security of its IT communication regardin
Slide 3: Samer Al-Hokail, President & CEO
Samer Al-Hokail President & CEO
Slide 4: Proven Resilience, Delivered Results
Proven Resilience, Delivered Results More than 6 Years Man-hours without LTI Qatar TRIR1 0.0 43.9 MM Kuwait Bahrain aramcoULTRA™
Slide 5: Yanbu Growth II
Yanbu Growth II Growth II Project Progress Q1 2026 Targeting H2 2026 for project 2 77 Million completion through accelerated efforts. 2026 Estimated ~ 2 300-350 Million
Slide 6: Crack Margins Within Historical Average
Base Oil Crack Margins 2 /Mt 2,484 Crack Margins 2,248 Within Historical 2,068 1,995 1,911 Average 1,849 1,755 1,703 1,513 Base Oil Price 1,413 3 3,258/Mt 1,222 1,083 Feedstock Cost 3 1,745/Mt Crack Margin 3 1,513/Mt
Slide 7: Saud Kamakhi, Chief Financial Officer
Saud Kamakhi Chief Financial Officer
Slide 8: Q1 2026 at a Glance
Base Oil Sales Volume1 Base Oil Crack Margin2 Revenue 240 Thousand MT 1,513 1/MT 2,158 1 Million Q1 2025 272 Q1 2025 1,755 Q1 2025 2,128 Q1 2026 at a Glance EBITDA Net Income ROACE3 337 1 Million 258 1 Million 23% Q1 2025 289 Q1 2025 222 Q1 2025 24% Operating Cash Flow Capex Capex Breakdown 1 Millio
Slide 9: Higher Net Income Due to Favorable Crack Margins
Higher Net Income Due to Favorable Crack Margins Q1 Net Income 2026 258 3 Million Q1 2025 222 16% 36 Million
Slide 10: Robust Cash Position
Robust Cash Position March 2026 1,397 3 Million January 2026 1,373 2% 24 Million
Slide 11: 2026 Guidance
2026 Guidance Base Oil Volumes & Planned Capex Base Oil Prices Shutdowns & Crack Spreads Remaining Turnaround Capex 1 90-100 Mn. The base oil sales volume for 2026 is expected to Product prices calculated using a benchmark price be 1.15 million MT. Capex for Yanbu Growth II project estimated and add
Slide 12: Q&A Q1 2026 Earnings Call
Q& A Q1 2026 Earnings Call
Slide 13: Unlocking Future Value
Naphtha D. Oil S2 70 N S3 Unlocking Hydrocracker ISO RCO Unit Dewaxer Vacuum 110 N S4 Distillate Waxy Unit Future Value Distillation Unit 65 33.8 MBD 35 26.3 MBD 29 230 N S6 MBD MBD MBD Growth Potential 500 N S8 for Yanbu facility1 Over Flash VTB Diesel Propane MLDW De Asphalting Unit Distillate Raf
Slide 14: Sustainable and Attractive Distributions
2.1 Sustainable Free Cash Flow, 3 Bn 1.9 and Attractive Distributions 1.7 Across Base Oil Crack Margin Environments 1.4 3 ~7-10 per share 3 ~6-9 per share Based on 1.3 Million Tons (Dividend / Share) 3 ~5-8 Dividends Range 3 ~4-7 per share 60%–80% of FCF per share Base Oil Crack Margin, 3/Mt 3 1,700
Slide 15: Q1 at a Glance
Base Oil Sales Volume1 Base Oil Crack Margin2 Revenue 240 Thousand MT 1,513 1/MT 2,158 1 Million Q4 2025 223 Q4 2025 2,022 Q4 2025 1,569 Q1 at a Glance EBITDA Net Income 337 1 Million 258 1 Million Q4 2025 180 Q4 2025 110 Operating Cash Flow Capex Capex Breakdown 1 Million 194 1 Million 153 1 Millio
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