Saudi Aramco Base Oil Company - Luberef · TADAWUL:2223
Saudi Aramco Base Oil Company - Luberef — Saudi Aramco Base Oil Company - Luberef — FY2025 Earnings Presentation
16 slides from Saudi Aramco Base Oil Company - Luberef's earnings presentation, Feb 9, 2026
Slide 1: Annual 2025 Earnings Call
camnings Can Annual 2025 Feb 9th, 2026
Slide 2: Legal Disclaimer
2 Saudi Aramco Saudi AramcoBase BaseOil OilCompany Company — — Luberef Legal Disclaimer
Slide 3: Saudi Aramco Base Oil Company — Luberef
Saudi Aramco Base Oil Company — Luberef
Slide 4: Powered by People
4 Saudi Aramco Base Oil Company — Luberef Powered Driving Operational Excellence Delivering Value by People 01 Market Leader in Excellence 01 Value Through Transformation 537 82.2% 10+ 100+ (1) Unit Cost of Production Capacity Utilization New Initiatives Million SAR of Value 02 Safe Operations 02 Co
Slide 5: Yanbu Growth II
5 Saudi Aramco Base Oil Company — Luberef Yanbu Growth II 01 Growth II & Turnaround 68% Project successfully executed the planned shutdown scope within Growth II Project the approved turnaround window. Progress Another Shutdown will be required and is to take place in August 2026. 02 Project Capex 2
Slide 6: Crack Margins Within Historical Average
6 Saudi Aramco Base Oil Company — Luberef Crack Margins Within Historical Average Base Oil Price Base Oil Crack Margins ( /Mt) 2,484 2,248 2,068 1,995 1,849 1,911 1,846 Historical 1,703 Feedstock Cost AVG 1,703 1,791 1,413 1,222 1,083 Crack Margin 12M 2025 Crack Margin 2015 2016 2017 2018 2019 2020
Slide 7: Saudi Aramco Base Oil Company — Luberef
Saudi Aramco Base Oil Company — Luberef
Slide 8: Annual 2025 at a Glance
8 Saudi Aramco Base Oil Company — Luberef Annual 2025 at a Glance
Slide 9: Lower Net Income Due to Reduction in Sales Volume
9 Saudi Aramco Base Oil Company — Luberef Lower Net Income Due to Reduction in Sales Volume Lower (117Million) (12%) Million
Slide 10: Sustained Healthy Cash Generation
10 Saudi Aramco Base Oil Company — Luberef Sustained Healthy Cash Generation Higher (186 Million)(16%) Million FCF 1,073 Million
Slide 11: 2026 Guidance
11 Saudi Saudi Aramco Aramco Base Base OilOil Company Company ——Luberef Luberef 2026 Guidance Base Oil Volumes, Base Oil Prices $ Capex Turnaround & Shutdown & Crack Spreads • • • • • • ~ • • • Dividend • • •
Slide 12: Q&A Annual 2025 Earnings Call
Q&A Annual 2025 Earnings Call
Slide 13: Thank You
Thank You
Slide 14: Unlocking Future Value: Growth Potential for Yanbu facility
14 Saudi Aramco Base Oil Company — Luberef Unlocking Future Value: Growth Potential for Yanbu facility* Naphtha Naphtha Naphtha Vacuum Distillation Unit D. Oil ISO Dewaxer Unit 70 N Hydrocracker Unit 29 MBD 65 MBD 35 MBD 110 N Distillate Waxy 1.3 M MT 33.8 MBD 26.3 MBD 230 N 1.2 MBD 2.7 MBD RCO Over
Slide 15: Sustainable and Attractive Distributions Across Base Oil Crack Margin Environments
15 Saudi Aramco Base Oil Company — Luberef Sustainable and Attractive Distributions Across Base Oil Crack Margin Environments Based on 1.3 Million Tons (Dividend / Share) Dividends Range 60%–80% of FCF 2.1 1.9 1.7 1.4 Bn) ~7-10 per share ~6-9 per share Free Cash Flow ( ~5-8 ~4-7 per share per share
Slide 16: Q4 at a Glance
16 Saudi Aramco Base Oil Company — Luberef Q4 at a Glance *Some numbers are rounded (1) Luberef products only. (2) Realized Base Oil Sales Price $/MT – Freight $/MT – Feedstock Cost $/MT (3) Free cash flow divided by EBITDA
Saudi Aramco Base Oil Company - Luberef — FY2025 Earnings Presentation on 6ix