Saudi Aramco Base Oil Company - Luberef · TADAWUL:2223
Saudi Aramco Base Oil Company - Luberef — Saudi Aramco Base Oil Company - Luberef — H1 2026 Earnings Presentation
15 slides from Saudi Aramco Base Oil Company - Luberef's earnings presentation, Aug 3, 2026
Slide 1: Earnings Call H1 2026
Earnings Call H1 2026 Aug 3rd, 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: A Legacy That Drives Our Future
A Legacy That Drives Our Future Safe Operations Local Content Value More than 6 Years Man-hours without LTI TRIR 0.0 44.4 MM Reliability & Sustainability Awards & Recognition Mechanical Availability 2nd 100% Consecutive Year Favorable Market Conditions Dividends Distribution Q2 2026 Crack Margin H1
Slide 5: Yanbu Growth II
Yanbu Growth II Growth II Project Progress H1 2026 Rescheduled the shutdown to October 2 119 Million due to favorable pricing environment. 2026 Estimated Targeting H1 2027 for project ~ 2 300-350 Million completion through accelerated efforts.
Slide 6: Crack Margins Above Historical Average
Base Oil Crack Margins 2 /Mt 2,484 2,732 Crack Margins 2,248 Above Historical 2,068 1,995 1,911 Average 1,849 1,828 1,703 Base Oil Price 1,413 3 4,789/Mt 1,222 1,083 Feedstock Cost 3 2,057/Mt Crack Margin 3 2,732/Mt
Slide 7: Saud Kamakhi, Chief Financial Officer
Saud Kamakhi Chief Financial Officer
Slide 8: H1 2026 at a Glance
Base Oil Sales Volume1 Base Oil Crack Margin2 Revenue 553 Thousand MT 2,732 1/MT 5,577 1 Million H1 2025 580 H1 2025 1,828 H1 2025 4,377 H1 2026 at a Glance EBITDA Net Income Cash Conversion3 1,184 1 Million 992 1 Million 90% H1 2025 609 H1 2025 467 H1 2025 39% Operating Cash Flow Capex Capex Breakd
Slide 9: Higher Net Income Due to Favorable Crack Margins
Higher Net Income Due to Favorable Crack Margins H1 Net Income 2026 3 992 Million H1 2025 467 113% 525 Million
Slide 10: Robust Cash Position
Robust Cash Position June 2026 3 1,750 Million January 2026 1,373 27% 377 Million FCF 3 1,064 Million
Slide 11: 2026 Guidance
2026 Guidance Base Oil Volumes & Planned Capex Base Oil Prices Shutdowns & Crack Spreads Remaining Turnaround Capex 1 30-40 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 addi
Slide 12: Q&A H1 2026 Earnings Call
Q& A H1 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: Q2 at a Glance
Base Oil Sales Volume1 Base Oil Crack Margin2 Revenue 313 Thousand MT 3,625 1/MT 3,419 1 Million Q2 2025 308 Q2 2025 1,893 Q2 2025 2,249 Q2 at a Glance EBITDA Net Income 847 1 Million 734 1 Million Q2 2025 320 Q2 2025 245 Operating Cash Flow Capex Capex Breakdown 1 Million 1,173 1 Million 149 1 Mill
Saudi Aramco Base Oil Company - Luberef — H1 2026 Earnings Presentation on 6ix