Trolley General Trading Company K.S.C.C. · KSE:TROLLEY
Trolley General Trading Company K.S.C.C — Trolley General Trading Co. (K.S.C.P) — Q3 2026 Earnings Presentation
24 slides from Trolley General Trading Company K.S.C.C's earnings presentation, Nov 4, 2026
Slide 1: Disclosure letter to Boursa Kuwait
4 TROLLEY Troltey General Trading Co. {K.S.C.P) Fda Gola aya yugyTaony CR:336964; 4. Paid Up Capital - 27,500,000 - cgdaoll iol wuly Date: 04/11/2026 Ref: TTC/Disclosure/2026/49 To / Boursa Kuwait Company Greetings ,,, Subject: Disclosure the _Investor/Analyst Conference on the Third Quarter Financi
Slide 2: Disclosure of Material Information Form
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Slide 3: Trolley Earnings
= ay TROLLEY - Trolley Earnings ee
Slide 4: Today's Presenters
Today's Presenters Mohammed Boodai Peter Gabra Amgad Fikry Vice Chairman and Group CEO Group Deputy CEO and MD Trolley KSA Group CFO Trolley Group | Q3 2026 Earnings Presentation 2
Slide 5: Disclaimer
Disclaimer This communication may contain certain forward-looking statements. This applies to statements containing information on future financial results, plans, or expectations regarding our business and management, our future growth or profitability and general economic and regulatory conditions
Slide 6: Agenda
Agenda 01 Introduction to Trolley Two brands, one convenience platform: footprint and scale at a glance 02 Where Growth Begins Building the Trolley Experience 03 Financial Highlights Q3 & 9M 2026 results, revenue bridges, segment margins, capex and cash flow 04 Closing Remarks Key takeaways and Q&A
Slide 7: Introduction to Trolley
01 Introduction to Trolley Kuwait’s leading convenience-store operator 01 Introduction to Trolley
Slide 8: At a glance
At a glance Kuwait’s Leading C-Store — Where Premium Convenience Meets Exceptional Customer Experience 2 Key Brands 269 Stores 32 million Transactions (9M 2026) KWD 2.8 million Online Sales (9M 2026) 73,362 Loyalty registrations (9M 2026) KWD 444K App Revenue (9M 2026) Trolley Group | Q3 2026 Earnin
Slide 9: Where Growth Begins
02 Where Growth Begins Building the Trolley Experience 02 Where Growth Begins
Slide 10: Customers & Range
Customers & Range CUSTOMER SATISFACTION · KUWAIT CUSTOMER COMPLAINTS · KUWAIT FIRST-CONTACT RESOLUTION LOYALTY SHARE OF TRANSACTIONS · KUWAIT 86% 517 89% 20.1% CSAT, Q3 2026 Q3 2026 Kuwait and KSA, Q3 2026 September 2026 ▲ from 73% in Q2 ▼ from 653 in Q2 Global average c.70% ▲ from 18.8% in June TRA
Slide 11: Operations, KSA & People
Operations, KSA & People Operations Trolley KSA · like-for-like sales, Q3 2026 People c.200K -1.4% +1.8% 11.2x All like-for-like stores Gas-station stores, Man-hours saved, YTD 2026 constant FX the core network Group workforce ROI From 105 productivity initiatives WHAT DROVE IT From 10.9x in Q2 · Ku
Slide 12: Financial Highlights
03 Financial Highlights Q3 & 9M 2026 results 03 Financial Highlights
Slide 13: Key Financial Highlights – Q3 & 9M 2026
Key Financial Highlights – Q3 & 9M 2026 Financial Performance Revenue EBITDA (1) Net Profit Net Profit excl. One-off (3) Q3'26 ▲ +20.9% YoY Q3'26 ▲ +15.9% YoY Q3'26 ▲ +12.3% YoY Q3'26 ▲ +60.4% YoY KWD 29.8 mn KWD 4.9 mn KWD 2.2 mn KWD 3.1 mn 9M'26 ▲ +24.0% YoY 9M'26 ▲ +29.2% YoY 9M'26 ▲ +38.8% YoY 9
Slide 14: Revenue and Growth Drivers
Revenue and Growth Drivers Total Revenue(1) (KWD Mn) | Store Evolution Key Drivers 137 191 233 209 269 36 9M 2026 Net New Stores Opened CAGR: 18% YoY: 21% 94.7 79.5 9.2% Q3 2026 YoY Mature Store Revenue Growth(2) 67.5 29.8 56% 9M'26 YoY 24.6 Shop-in-Shop Growth ex one-off(3) 2023 2024 2025 Q3 25 Q3
Slide 15: Retail Revenue Analysis by Market and Format
Retail Revenue Analysis by Market and Format Retail Revenue⁽¹⁾ (KWD Mn) – Trolley Kuwait Retail Revenue ⁽¹⁾ (KWD Mn) – Baqala Retail Revenue ⁽¹⁾ (KWD Mn) – Trolley KSA Bodega Total Stores 116 133 139 134 152 8 26 22 30 21 50 68 53 87 Blended ADS ⁽2⁾ (KWD) 1,484 1,434 1,479 1,582 1,638 111 101 130 15
Slide 16: Trolley Kuwait Revenue Analysis
Trolley Kuwait Revenue Analysis Highlights Revenue Bridge (1) (KWD Mn) Total stores 134 21 3 152 Like-for-Like Growth and New Stores Drive 17.4% Growth Existing Stores YoY: 17.4% LFL revenue grew 11.2% YoY across the 131 stores trading in both quarters, with LFL gross profit up 9.0%. 1.6 (0.4) 22.9
Slide 17: Trolley KSA Revenue Analysis
Trolley KSA Revenue Analysis Highlights Revenue Bridge (1) (KWD Mn) Total stores 53 35 1 87 New Stores Drive 21% Growth as KSA Stays EBITDA-Positive YoY: 21.1% Existing Stores LFL revenue -1.4% YoY at constant FX (52 stores): gas stations +1.8%, 1.1 (0.1) 4.9 stand-alone -10.0% (mainly BLVD Arena an
Slide 18: Baqala Bodega Revenue Analysis
Baqala Bodega Revenue Analysis Highlights Revenue Bridge (1) (KWD 000s) Total stores 21 9 30 Network Growth and Rising Store Productivity Lift Revenue 63% YoY: 62.7% Existing Stores Contributed ~KWD 82K: +24.5% LFL growth across 21 stores and KWD 83.4 428.6 21K from 3 dark stores, net of one closed
Slide 19: Value & Margin Performance by Segment (1/2)
Value & Margin Performance by Segment (1/2 ) Value & Margin Performance by Segment — Q3'25 vs Q3'26 (All figures in KWD) Gross Profit: 7.9→9.9mn ▲+25.2% | margin 32.3% → 33.4% EBITDA: 4.3→4.9mn ▲+15.9% | margin 17.3% → 16.6% (19.7% excl. one-off) Segment Kuwait KSA Baqala Bodega 34.3% → 35.5% ▲+120b
Slide 20: Value & Margin Performance by Segment (2/2)
Value & Margin Performance by Segment (2/2 ) Value & Margin Performance by Segment — Q3'25 vs Q3'26 (All figures in KWD) Net Profit: 1.9→2.2mn ▲+12.3% Segment Kuwait KSA Baqala Bodega 12.9% → 11.8% ▼-110bps* -12.3% → -11.4% ▲+0.9pp -63.9% → -31.9% ▲+32.0pp 2.9mn 2.6mn ▲ +10.3% Net Profit ▼ loss +12.
Slide 21: Capital Expenditure Overview
Capital Expenditure Overview Disciplined, Self-Funded Investment Behind a Debt-Free Balance Sheet (All figures in KWD) Group Capex: KWD 0.7mn → KWD 2.5mn ▲ +254.2% YoY Capex as % of Revenue: 2.8% → 8.2% ▲ +540 bps YoY | excl. property: 2.2% Kuwait KSA Baqala Bodega ▲ +432.1% YoY ▲ +11.4% YoY ▼ -81.7
Slide 22: Efficient FCF Conversion and Leverage With Strong Shareholder Returns
Efficient FCF Conversion and Leverage With Strong Shareholder Returns Efficient FCF Conversion and Leverage With Strong Shareholder Returns (All figures in KWD) Net Debt / EBITDA Free Cash Flow (KWD mn) Return on Total Equity ▼ -0.05x YoY ▲ turned positive ▼ -3.3pp YoY* Conversion: -33.9% → 107.4% 2
Slide 23: Closing Remarks
04 Closing Remarks Q&A 04 Closing Remarks
Slide 24: Thank You
THANK YOU +965 22256957 Tarek Shalaby Group Director of Regulations Compliance Ir@Trolley.com.kw
Trolley General Trading Co. (K.S.C.P) — Q3 2026 Earnings Presentation on 6ix