Afg International Company · TADAWUL:4240
Afg International — Cenomi Retail — Investor Presentation (September 2025)
47 slides from Afg International's investor presentation, September 2025
Slide 1: Cenomi Retail Investor Presentation
Cenomi Retail Investor Presentation Sept 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely for use as an Investor presentation for Cenomi Retail (the “Company”). By attending or by reading this presentation, you agree to be bound by the following limitations. The information contained in this presentation is for background purposes onl
Slide 3: Table of Contents
Table of Contents At a Glance 04 06 Why Cenomi Retail? 10 Retail Sector Overview 13 Macro Overview 16 Strategic and Operational Review 24 Financial Overview 31 Concluding Remarks 34 Appendix
Slide 4: At a Glance
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Slide 5: Cenomi Retail at a Glance
Cenomi Retail at a Glance The leading franchise retailer in Saudi Arabia, and the only listed business of its type in the Middle East 789 stores 311 Saudi retail stores Kazakhstan Georgia c. 315K sqm 269 F&B outlets Armenia Azerbaijan Uzbekistan Jordan 209 Egypt 8 countries International KSA stores
Slide 6: Why Cenomi Retail?
7 cenomi ed Why Cenomi Retail?
Slide 7: A Leading Fashion and F&B Franchise Retailer in KSA, Representing Top Global Brands
A Leading Fashion and F&B Franchise Retailer in KSA, Representing Top Global Brands Saudi Arabia’s leading fashion and F&B franchise retailer Representing Brand Champions across a well diversified portfolio No. 1 580 104 Fashion Franchise Stores Malls Apparel Retailer in KSA 311 Retail / 269 F&B 28
Slide 8: Strong International Presence in Key Emerging Markets With Solid Growth Potential
Strong International Presence in Key Emerging Markets With Solid Growth Potential 7 219 35 31 86,029 Countries Stores Malls Brands GLA in SQM Diversified International footprint Tier-1 Champion Brands (% of Intl Revenues) Tier 1 Kazakhstan Champion Georgia 1% Brands 37% (Core Brands) Armenia Azerbai
Slide 9: E-Commerce Continues to Be a Strategic Priority and a Key Growth Driver
E-Commerce Continues to Be a Strategic Priority and a Key Growth Driver E-commerce presence …across monobrand websites Top brands with monobrand websites: 8% 20 4 Of total sales revenues Mono brand Inditex brands Websites On Trendyol 56% 30% +10% +33% ZARA & Inditex of total F&B of total Online sale
Slide 10: Retail Sector Overview
7 cenomi ed Retail Sector Overview
Slide 11: KSA Retail Market Is Growing 30%+ by 2028
KSA Retail Market Is Growing 30%+ by 2028, Including Strong Growth in Fashion, Accessories, and F&B Saudi Arabia retail market, market size in SAR Bn Forecast CAGR growth in selected retail categories Market size in SAR Bn 2023A-’28E CAGR (%) 837 +5.3% 792 (1) 310 F&B +3.5% 751 368 715 +29.2% 682 64
Slide 12: KSA Consumer Spending on Rising Trend
KSA Consumer Spending on Rising Trend POS Transactions - KSA Market, Total (SAR Million) POS Transactions - Selected Industries (SAR Million) +9% +10% +3% -1% -13% -9% -26% -4% 668,185 +18% 613,957 559,135 +32% 65,219 62,790 473,258 357,298 Q2-24 Q2-25 24,648 24,412 181,738 165,704 20,318 20,987 12,
Slide 13: Cenomi Retail Is Well Positioned to Seize the Exceptional Opportunities Within Fashion and F&B
Cenomi Retail Is Well Positioned to Seize the Exceptional Opportunities Within Fashion and F&B The New KSA Consumer presents attractive prospects for Cenomi Retail, with the Fashion & Accessories segment being one of the fastest-growing at a CAGR of 4.6% for 2023-2028, and F&B being the largest at S
Slide 14: Macro Overview
7 cenomi ed Macro Overview
Slide 15: The Economy of the Kingdom of Saudi Arabia Is on a Solid Growth Trajectory
The Economy of the Kingdom of Saudi Arabia Is on a Solid Growth Trajectory Since the announcement of Vision 2030, KSA has firmly established itself as one of the most attractive growth stories around the globe KSA is the one of the fastest-growing economies … …with a booming consumer outlook… Relati
Slide 16: Riyadh Is a Fast Growing and Underpenetrated Market
Riyadh Is a Fast Growing and Underpenetrated Market Riyadh’s population steadily increasing Riyadh retail market is underpenetrated City Population (mn) Conservative scenario vs Organized retail penetration, GLA m2 per capita Government ambition to double the size of Riyadh 2.13 CAGR: 1.37% 7.75 7.8
Slide 17: Strategic and Operational Review
Strategic and Operational Review 17
Slide 18: Continuing Our Path to Enhanced Potential and Profitability
Continuing Our Path to Enhanced Potential and Profitability Continuing our path to enhanced potential and profitability Phase 1: Fix The House Phase 3: Achieving Optimal Potential Rationalize brand and store portfolio Scale existing brands to maximum potential Exit/stabilize non-strategic mark
Slide 19: 2025 Strategic Focus
2025 Strategic Focus FASHION F&B ONLINE Elevating in Store experience Customer-Centric Innovation Enhancing Experience Renovations focused on layout, fitting Tailored product launches (e.g. Cinna Warmer, Bon Focus on elevating the online rooms, and category mix Topping) to local tastes custome
Slide 20: Renovation Program Has Delivered an Average ~70% Sales Increase
Renovation Program Has Delivered an Average ~70% Sales Increase Continuing our path to enhanced potential and profitability • Location: Kingdom Center • Location: Mall of Arabia • Location: Red Sea Mall • Location: Kingdom Center • City: Riyadh • City: Jeddah • City: Jeddah • City: Riyadh • New GLA
Slide 21: Recently Completed Successful Renovations at Nakheel Mall Over the Last Year
Recently Completed Successful Renovations at Nakheel Mall Over the Last Year • Location: Nakheel Mall • Location: Kingdom Center • City: Riyadh • City: Riyadh • New GLA (old): 3,000 sqm+ (1,624 sqm) • New GLA (old): 680 sqm (680 sqm) • Project duration: 4.5 months • Project duration: 2.5 months • La
Slide 22: Multiple Flagship Malls Opening in KSA, Supporting New Flagship Stores
Multiple Flagship Malls Opening in KSA, Supporting New Flagship Stores Across the Brand Portfolio Unprecedented opportunity for new flagship stores Cenomi Centers Flagship Malls under construction Many new flagship malls are opening in KSA over the next few years, providing levels of customer expe
Slide 23: International Portfolio as Key Growth Driver
International Portfolio as Key Growth Driver 17.9% 209 31 35 International retail revenue increase YoY (H1-25) Total # of Stores Total # of Brands Total # of Malls International retail revenues increased to SAR 663.1 million in H1-25, supported by 27 a strong second-quarter performance, which saw
Slide 24: F&B Excellence: Our QSR Strategy Is to Operate the Champions of Each F&B Category
F&B Excellence: Our QSR Strategy Is to Operate the Champions of Each F&B Category We operate leading F&B brands and category champions… No. 1 No. 1 25+ 30+ 30% Master Franchisee Master Franchisee Years of operation Years of operation in Online Delivery in the World in MENA MENA Revenues* Revenues
Slide 25: Al-Futtaim as Strategic Shareholder
Al-Futtaim as Strategic Shareholder Al-Futtaim has acquired a 49.95% stake in Cenomi Retail for a total consideration of SAR 2.52 billion, at SAR 44 per share. As part of the transaction, Al-Futtaim will extend a SAR 1.35 billion shareholder loan facility to Cenomi Retail. Al-Futtaim’s entry as a st
Slide 26: New Board of Directors to Uphold Governance Excellence
New Board of Directors to Uphold Governance Excellence Chairman of the Board Vice Chairman of the Board Hussein Ali Recognized as a “Global Leader for Tomorrow” by the World Economic Forum. He was the first Gulf businessman selected for the Prince of Ahmed President of Retail Division at Al-Futtaim
Slide 27: Financial Overview
7 cenomi ed Financial Overview
Slide 28: Domestic Retail and International Portfolio Drive Revenue Growth
Domestic Retail and International Portfolio Drive Revenue Growth Revenue (SAR MN) LFL consolidated sales growth Revenues in the Kingdom of Saudi Arabia and F&B decreased 16.2% and 0.24% YoY LFL growth driven by enhancement of customer experience through store respectively, while International ac
Slide 29: Strategic Sales Measures Drive Revenue Growth and Profitability
Strategic Sales Measures Drive Revenue Growth and Profitability LFL Saudi retail sales growth LFL International retail sales growth Saudi retail LFL declined 16.7% in Q2-25, driven by the timing shift of Ramadan and International LFL grew 9.3% in Q2-25, supported by continued momentum in CIS the
Slide 30: Online Sales Maintaining Strong Contribution to Consolidated Revenues
Online Sales Maintaining Strong Contribution to Consolidated Revenues Online revenues (SAR MN) E-commerce (% of total revenues) Online sales increased 8.5% YoY in Q2’25 as Zara and Inditex online sales witnessed Accessibility, convenience and technology adoption expected to further increase an i
Slide 31: Portfolio Optimization Enabling Solid Revenue per Store
Portfolio Optimization Enabling Solid Revenue per Store Revenue Per Store (Group) Revenue Per Store (KSA) 1,656 1000 1,275 1,500 1,800 1,815 2,916 1,316 1,430 500 3,500 900 1,600 450 1,897 800 1,400 400 2,323 2,196 3,000 Number of 700 2,500 Number of 1,200 350 600 300 1,000 2,000 500 800 Stores 250
Slide 32: Strategic Retail Price Positioning and Cost Optimization Help Sustain Margins
Strategic Retail Price Positioning and Cost Optimization Help Sustain Margins Gross Profit – Margin (SAR MN, %) EBITDA – Margin (SAR MN, %) Gross profit in Q2-25 totaled SAR 189.1 million, an 8.8% decline year-on-year from Q2-25 EBITDA stood at SAR 23.1 million, an 89.3% YoY decline from SAR 216
Slide 33: EBITDA Performance Across Segments
EBITDA Performance Across Segments EBITDA KSA Retail – Margin EBITDA Intl – Margin EBITDA F&B – Margin (SAR MN, %) (SAR MN, %) (SAR MN, %) 200 20.0% 70 25.0% 10 10.0% 15.4% 19.2% 7.6% 18.6% 6.3% 15.0% 60 61 63 15.4% 5.3% 150 20.0% 5.0% 13.8% 6 151 56 5 50 5 12.2% 51 4 10.0% -0.8% 10.3% 0.0% 100 15.0
Slide 34: Inventory Optimization Leading to Enhanced Efficiency
Inventory Optimization Leading to Enhanced Efficiency Inventory balance (SAR MN) Inventory efficiency ratios Inventory continues to be within an acceptable range, reaching SAR 533 MN, as Effective management of inventory, including streamlined procurement focus increases on inventory optimizatio
Slide 35: Disciplined Cash Management
Disciplined Cash Management 31-Dec-24 31-Mar-25 30-Jun-25 Total Net Debt / Net Debt to EBITDA (SAR MN) Net Debt / Total Debt 1,842.6 1,626.0 1,616.7 EBITDA 3.4x 2.6x 3.9x Net Debt 1,586.4 1,502.3 1,518.0 1,586 1,502 1,518 EBITDA LTM 460.9 580.7 387.8 (Last 12 Month) Net debt stood at SAR 1.5 billi
Slide 36: Concluding Remarks
7 cenomi ed Concluding Remarks
Slide 37: Key Takeaways
Key Takeaways Topline Profitability Financial position Strategy Execution Revenue increased by 2.0% YoY in Despite significant efforts in Maintained deleveraging Ongoing transformation across H1 2025, supported by strong cost reduction and operational efforts as part of the transition brands, stores
Slide 38: Appendix
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Slide 39: Income Statement
Income Statement SAR million Q2-24 Q2-25 Change (+/-) 6M-24 6M-25 Change (+/-) Revenue 1,213.4 1,128.3 -7.0% 2,413.9 2,463.1 2.0% Cost of revenue -1,006.0 -939.2 -6.6% -2,112.0 -2,096.1 -0.8% Gross profit/(loss) 207.3 189.1 -8.8% 301.9 367.0 21.5% Margin 17.1% 16.8% -16.9pp 12.5% 14.9% -12.4pp Selli
Slide 40: Balance Sheet
Balance Sheet SAR million FY-24 H1-25 Change (+/-) SAR million 31-Dec-24 31-Jun-25 Change (+/-) Assets Equity & Liabilities Share Capital 1,147.7 1,147.7 0.0% Property, Plant and Equipment 1,081.0 1,066.4 -1.4% Reserves ( Statutory, Foreign Currency and Fair Value) -617.2 -606.8 -1.7% Right-of-Use A
Slide 41: Stock Performance, Shareholder Composition and Peer Benchmarking
Stock Performance, Shareholder Composition and Peer Benchmarking Indexed Price Performance Price (Indexed to 10.16) Cenomi Retail TASI TASI Retail ISIN Code: SA000A0LB2R6 Market Cap (SAR mn) LTM P/E Ratio (x) LTM P/B Ratio (x) LTM ROE (%) 40 Average 1-year daily volume 35 traded: 2.17M JARIR 15,300
Slide 42: KSA Is Home to an Increasing Population, Whilst Attracting More Tourists
KSA Is Home to an Increasing Population, Whilst Attracting More Tourists KSA has a high share of urban population Tourism industry is thriving in the Kingdom Share of population in urban agglomerations of more than 1 million, % 120 300 256 5 cities with 206 66 1+ million 100 250 population 80 117 20
Slide 43: KSA Has the Largest and Fastest Growing F&B Market in MENA
KSA Has the Largest and Fastest Growing F&B Market in MENA F&B Market Size per country (2022, USD bn, 2022-2026, CAGR %) GCC North Africa Levant* 45 18 9 22 CAGR (2022-2026) 11% MENA Total 72 Currency devaluation not fully taken into account in 9% the growth rate 7% 6% 11 6% 6% 12 5% 5% 5% 5% 5% 5%
Slide 44: ~2 Million Sqm of Prime Retail Space Opening in KSA
~2 Million Sqm of Prime Retail Space Opening in KSA, Supporting a Robust Store Opening Pipeline The Avenues New Murabba Al-Othaim Diriyah Gate (Riyadh and DAK) (Riyadh) (Riyadh and DAK) (Riyadh) Distinctive & upscale mixed-use A visionary project to build a new, Large mixed-use destination A World-c
Slide 45: Revenue Diversification Efforts Ongoing
Revenue Diversification Efforts Ongoing Revenue by division Revenue by channel Revenue by geography 4% 4% 3% 3% 4% 7% 7% 6% 6% 7% 6% 8% 8% 8% 8% 22% 20% 29% 28% 29% 23% 26% 31% 33% 32% 94% 92% 92% 92% 93% 74% 77% 71% 67% 69% 68% 67% 63% 60% 61% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q
Slide 46: Consumer Trends
Consumer Trends Increasing digital / Moving forward, Cenomi Retail will need to cater to new consumer Scale digital e-commerce channels & reinvent adoption trends with significant implications for the future of the industry. role of stores Shift towards Re-mix portfolio experiences & new to experien
Slide 47: Thank You
cenomi THANK YOU
Cenomi Retail — Investor Presentation (September 2025) on 6ix