Miahona Co. · TADAWUL:2084
Miahona — Q1 2026 Earnings Presentation
15 slides from Miahona's earnings presentation, May 11, 2026
Slide 1: Miahona's Earnings Call Q1 2026
miahona.com Miahona’s Earnings Call Q1 2026 May 11, 2026
Slide 2: Disclaimer
Disclaimer This document has been prepared by representatives of Miahona Company (the “Company” and, together with its subsidiaries, the “Group”). No reliance may be placed for any purpose whatsoever on the information or opinions contained in this document or any other document or oral statement or
Slide 3: Today's Speakers and Agenda
miahona.com Today’s Speakers and Agenda 01 | Business Review 02 | Financial Review 03 | Q&A AWAADH AL OTAIBI REHAN MASOOD Chief Executive Officer Chief Financial Officer
Slide 4: Business Review
BUSINESS REVIEW AWAADH AL OTAIBI Chief Executive Officer
Slide 5: Building Success Through Operational Excellence
Miahona | Building Success Through Operational Excellence PROVEN DEVELOPMENT AND OPERATIONAL TRACK RECORD STRONG NATIONWIDE PRESENCE m3/day 8 c. 8 mn 12 Projects +1 mn | +100 k Cities Population served Concession (7) | O&M (5) Wastewater | Water Daily Capacity INDUSTRIAL CLIENTS 07 Concessions (Inve
Slide 6: Key Pillars Underpinning Miahona's Operational Excellence
Key Pillars Underpinning Miahona’s Operational Excellence ESTABLISHED INNOVATIVE RELIABLE EFFICIENT INTERNATIONAL EXPERTISE SOLUTIONS SYSTEMS PROCESSES BEST PRACTICES 15+ yrs | 12 Projects Digital | Cost-Optimal Full Lifecycle | Zero-gap NRW < 10% | TSE 60% ISO 9001 · 14001 · 18001 · 27001 Dedicated
Slide 7: Concessions | Operating Model
Concessions | Operating Model Miahona deploys a “Develop-Own-Operate-Optimize” business model that maximizes its oversight and influence over the project and allows premium economics and flexible return profile over the project lifecycle allowing it to achieve targeted IRRs Develop Own Operate Capit
Slide 8: Concessions | Driving Sustainable Growth
Concessions | Driving Sustainable Growth OPERATIONAL UNDER CONSTRUCTION UNDER CONSTRUCTION UNDER REHABILITATION UNDER FINANCIAL CLOSE HADDA & ARANA RAS TANURA AL HAER JEDDAH ARANA Western Region · Makkah Eastern Region Central Region · Manfouha Western Region · Industrial City Western Region - Makka
Slide 9: Financial Review
FINANCIAL REVIEW REHAN MASOOD Chief Executive Officer
Slide 10: Key Pillars for Miahona's Operational Excellence.
Key Pillars for Miahona’s Operational Excellence. Reported decline driven by timing of development income recognition in the prior period. mn Q1 2026 Q1 2025 % Change Revenue 117.7 175.2 -32.8% EBITDA 29.7 90.2 -67.1% Margin 25.2% 51.5% -26.3 PP Net Income 3.1 61.8 -95.0% Margin 2.6% 35.3% -32.7 P
Slide 11: Revenue Insights
Revenue Insights Total Group Revenue ( 117.7 mn) mn, % -32.8% Revenue | Decrease in other revenue primarily reflects the absence of development income from the Al Haer project recorded in the prior period. 52.3 | Arana Development income is expected to be 1.3 accrue in Q3 2026. 59.3 55.3 | Constr
Slide 12: Net Income to EBITDA
Net Income to EBITDA EBITDA Evolution and Margin mn, % -67.1% EBITDA | EBITDA decline primarily reflects the absence of development income from new projects 90.2 recognized in the prior period. 29.7 | Arana Development income is expected to be Q1 2025 Q1 2026 accrue in Q3 2026. Non-Operational Cos
Slide 13: Profitability Insight
Profitability Insight Net Income Bridge* mn, % -95.0% Net Income | Revenue decline reflects the absence of development income from new projects 61.8 recognized in the prior period. | Cost of sales decreased in line with lower construction activity and reduced development- related costs. | Other in
Slide 14: Cash Flow Insight
Cash Flow Insight Underlying EBITDA-to-FCF Conversion Remains Disciplined Cash Flow Reflects Timing of EBITDA/FCF Conversion 53% 97% Development Cycle | Decrease in operating cash flow primarily due mn Q1 2026 Q1 2025 to the absence of one-off development-related Cash flow from Operations2 9.5 78.
Slide 15: Questions & Answers
miahona.com Questions & Answers