Valmore Holding · EGX:VLMR
Valmore — Q1 2026 Earnings Presentation
44 slides from Valmore's earnings presentation, June 2026
Slide 1: Investor Presentation Q1 2026
Investor Presentation Q1 2026
Slide 2: Content Page
Content Page 01 Overview 04 Consolidated Performance 02 Our Strategy 05 Stock and Shareholder Returns N EW S 03 Our Investments 06 Appendix 2
Slide 3: Overview
01 Overview 3
Slide 4: Valmore Holding | A Leading MENA-Based Investment Company
Valmore Holding | A Leading MENA-Based Investment Company Five Valmore Holding is one of the MENA region’s fastest-growing and prominent investment companies, established in 1997 by a consortium of Kuwaiti and Egyptian businessmen Strategic sectors Valmore Holding has consistently delivered superior
Slide 5: Diverse Portfolio | Investments across Five Strategic Sectors
Diverse Portfolio | Investments across Five Strategic Sectors Chemicals Building Materials Utilities Oil and Gas Non-Banking Financial Services Natural Gas & Electricity Recycling Fertilisers Petrochemicals MDF Exploration & Production Insurance Consumer & Microfinance Distribution & Production Plas
Slide 6: Unlocking Value | Our Investment Case
Unlocking Value | Our Investment Case Diversified, resilient portfolio Multiple Investments, with superior cashflow generation, diversified across various sectors and geographies to mitigate market risks Strategically positioned for expansion Focused domestic and international investments in capacit
Slide 7: Our Strategy
02 Our Strategy 7
Slide 8: Transforming to Maximise Value | Strategy Pillars and Framework
Transforming to Maximise Value | Strategy Pillars and Framework Key Strategic Pillars Geographic Expansion and Diversification Maximising Core Business Value Pursue accretive opportunities across MENA and Europe to diversify Optimise core assets by enhancing efficiency, expanding exports and earning
Slide 9: Our Investments
(oe) oO Our Investments
Slide 10: AlexFert | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services AlexFert | Overview USD77.3mn USD39.7mn USD21.0mn 1Q26 Revenue 1Q26 EBITDA 1Q26 Attrib. Net Profit Alexandria Fertilisers Company 440 ktpa 640 ktpa 180 ktpa (AlexFert) is an established Ammonia production Urea producti
Slide 11: AlexFert | Financial and Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services AlexFert | Financial and Operational Performance Revenues grew 16% y-o-y, driven by materially higher average export EBITDA increased 18% y-o-y, in line with revenues, with EBITDA margin Net profit grew 13% y-o-y, with
Slide 12: Sprea Misr | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Sprea Misr | Overview USD31.2mn USD6.58mn USD8.25mn 1Q26 Revenue 1Q26 EBITDA 1Q26 Attrib. Net Profit Sprea Misr is engaged in the 195 ktpa > 150 ktpa 6mn sheets p.a. production of 19 different Formaldehyde & form-urea
Slide 13: Sprea Misr | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Sprea Misr | Financial Performance Revenues declined 35% y-o-y, reflecting a reduction in sales volumes owing to muted local demand and the disruption of access to key Gulf EBITDA declined 39% y-o-y, while EBITDA margi
Slide 14: Sprea Misr | Key Products and Revenue Distribution
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Sprea Misr | Key Products and Revenue Distribution Revenue Distribution by Product | 1Q26 Revenues (USDmn) SNF Glue Formaldehyde & Formica Sheets Liquid & Powder Liquid & Powder Formurea SNF (liquid & Powder) +12% +13%
Slide 15: Sprea Misr | Product Offering
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Sprea Misr | Product Offering Product Range Overview Sulfuric Acid Formaldehyde Phenol FD Resin & Urea Liquid Sulfonated Melamine FD Liquid Melamine Molding Urea Formaldehyde Resin Naphthalene Formaldehyde Compound Imp
Slide 16: Endolys | Establishing Foothold in the Circular Plastics Market
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Endolys | Establishing Foothold in the Circular Plastics Market Valmore’s first major investment outside the MENA region under a new entity named Endolys - a state-of-the-art plastics pyrolysis plant strategically loca
Slide 17: Nilewood | State-of-the-Art MDF Facility
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Nilewood | State-of-the-Art MDF Facility 4Q25 100% Commercial operations start Valmore’s effective date ownership STRATEGY ━ To supply raw MDF boards at a production capacity of 655 m3/day, serving both Egyptian and gl
Slide 18: NatEnergy | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NatEnergy | Overview 83.98% 78.00% 100% 0.9% 13% USD21.0mn USD4.37mn USD6.19mn 1Q26 Revenue 1Q26 EBITDA 1Q26 Attrib. Net Profit 86% Valmore’s Ownership Stake Contribution to NatEnergy’s EBITDA NatEnergy groups Valmore
Slide 19: NatEnergy | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NatEnergy | Financial Performance1 Revenues grew 20% y-o-y, driven by a growing active connections base EBITDA was broadly stable y-o-y, with EBITDA margin contracting 4pp Net profit grew 49% y-o-y, supported by y-o-y
Slide 20: Securing a Strategic Role in Saudi Arabia's Energy Transition Goals
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Securing a Strategic Role in Saudi Arabia’s Energy Transition Goals Valmore’s first investment in Saudi Arabia marks a major strategic milestone with the successful completion and launch of a natural gas distribution n
Slide 21: Kahraba | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Kahraba | Overview USD16.3mn USD2.50mn USD1.55mn 1Q26 Revenue 1Q26 EBITDA 1Q26 Attrib. Net Profit Founded in 2004, Kahraba is the oldest and one of the largest power 135 MW 575 MW 825 mn kWh developers in the region, w
Slide 22: Kahraba | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Kahraba | Financial Performance Revenues grew 21% y-o-y, driven by strong volume expansion in the EBITDA rose 9% y-o-y, with EBITDA margin contracting 2pp y-o-y to Net profit rose 20% y-o-y, along with a y-o-y broadly
Slide 23: Kahraba | Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Kahraba | Operational Performance Kahraba’s installed power distribution capacity grew 13% y-o-y in 2025, reaching 575 MW, supported by the ramp-up in operations within recently awarded concessions such as the 10th of
Slide 24: Offshore North Sinai (ONS) | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Offshore North Sinai (ONS) | Overview USD15.0mn USD13.9mn USD7.70mn 1Q26 Revenue 1Q26 EBITDA 1Q26 Attrib. Net Profit On the upstream front, ONS 8 403 km2 53 MMSCFD operates eight wells within a Operative Wells Concessi
Slide 25: Offshore North Sinai (ONS) | Financial and Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Offshore North Sinai (ONS) | Financial and Operational Performance EBITDA rose 24% y-o-y, with EBITDA margin widening 15pp y-o-y, reflecting the inherently high-margin Revenues grew 4% y-o-y, supported by stable produc
Slide 26: Non-Banking Financial Services | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Non-Banking Financial Services | Overview USD5.58mn (USD0.40mn) (USD10.4mn) 1Q26 Revenue 1Q26 Gross Profit 1Q26 Attrib. Net Profit Valmore’s NBFS portfolio 1980 31 24.99% consists of Mohandes Established Branches Valmo
Slide 27: Consolidated Performance
04 Consolidated Performance 27
Slide 28: Performance Snapshot | 1Q26
Performance Snapshot | 1Q26 Revenues reached USD166mn in 1Q26, broadly stable y-o-y, underpinned by the Revenue by Company 1Q26 AlexFert Revenues grew 15.7% y-o-y in 1Q26, driven by materially stronger export demonstrated resilience of the Group’s portfolio urea pricing Gross profit increased 5% y
Slide 29: Portfolio Resilience Through Diversification and Structural Strength
Portfolio Resilience Through Diversification and Structural Strength Resilient Portfolio Performance Against a Highly Volatile Environment Beneficiaries of Supply- Resilient Growth Solid Earnings Long-term Development Side Disruption Platforms Fundamental Platforms Commercial ramp-up progressing Str
Slide 30: Development-Stage Platforms | 1Q26 Update
Development-Stage Platforms| 1Q26 Update All three development-stage platforms are progressing in line with their respective plans COMMERCIAL RAMP-UP EARLY OPERATIONAL PHASE DEVELOPMENT PHASE MDF Facility | Egypt Gas Distribution Platform | KSA Plastics Pyrolysis Plant | UK 4Q25 100% 200k m³ p.a. 35
Slide 31: Consolidated Performance | Income Statement Highlights
Consolidated Performance| Income Statement Highlights1 Revenues (USDmn) EBITDA (USDmn) | Margin Net Profit (USDmn) | Margin Attrib. Net Profit (USDmn) | Margin 322 +24% +26% 82 255 CAGR: (1%) 685 CAGR: (5%) 362 241 17 57 14 13 (1%) 552 64 49 50 179 27 61 171 +1% 163 161 54 17 23 226 75 218 62 +10% 5
Slide 32: Stock Information and Shareholder Returns
05 Stock Information and Shareholder Returns 32
Slide 33: Analyst Consensus | Overweight Ratings with Significant Upside for Valmore
Analyst Consensus | Overweight Ratings with Significant Upside for Valmore Upside as of Upside as of Research House Publication Date Target Price Rating Publication Date 31-Mar-26 12-Jan-26 USD1.15 +69% +65% POSITIVE 5-May-26 USD1.03 +49% +47% BUY 15-Mar-26 USD1.00 +41% +43% BUY 16-Oct-24 USD1.25 +5
Slide 34: Stock Information | Dual-listed with a Diverse Shareholder Base
Stock Information | Dual-listed with a Diverse Shareholder Base Valmore is listed on both the Egyptian Exchange (EGX) and Kuwait Stock Exchange (Boursa Kuwait) Share Information EGX Boursa Kuwait Currency EGP USD KWD Number of shares 352,389,240 217,519,236 613,321,075 Reuters ticker VLMR.CA VLMRA.C
Slide 35: Shareholder Returns | Consistent Dividend Payouts Since Inception
Shareholder Returns | Consistent Dividend Payouts Since Inception Nearly USD1bn in dividends paid out since inception Stock Dividend 1:10 Cash Dividend Cash Dividend Cash Dividend Cash Dividend Stock Dividend USD 0.072/share USD 0.072/share USD 0.011/share USD 0.027/share 1:10 2011 2010 2009 2008 20
Slide 36: Appendix
06 Appendix 36
Slide 37: Board of Directors
Board of Directors Loay Jassim Al-Kharafi Adel Al-Alfi Jon Rokk Sheikh Mubarak Abdulla Al- Talal Jassim Al-Kharafi Chairman of the Board Vice Chairman of the Board Group CEO Mubarak Al-Sabah Member of the Board (Non-Executive) (Non-Executive) (Executive) Member of the Board (Non-Executive) (Non-Exec
Slide 38: Management Team
Management Team Jon Rokk Hani Shehata Shady Makary Moataz Kandil Passant Fouad Chief Executive Officer Chief Operating Officer Chief Financial Officer Chief Investment Officer Chief Marketing and Public Relations Officer Tamer Badrawi Khaled El-Demerdash Hany Azzam Mohamed Wafaei Chief Human Resourc
Slide 39: Consolidated Income Statement | 1Q26
Consolidated Income Statement| 1Q26 (in USD) 1Q26 1Q25 Total Revenues 166,251,987 167,256,724 COGS 107,123,437 111,169,850 Gross Profit 59,128,550 56,086,874 % Margin 36% 34% Selling Expenses (1,100,838) (1,275,872) G&A (11,581,323) (11,076,709) Income from Investments 11,206,300 14,766,109 Capital
Slide 40: Consolidated Balance Sheet | 1Q26
Consolidated Balance Sheet| 1Q26 (in USD) 31-03-2026 31-12-2025 (Cont’d) 31-03-2026 31-12-2025 Property, plant and equipment and projects under construction 225,543,279 242,613,059 Issued & paid-up capital 295,807,388 295,807,388 Legal reserve 140,860,661 140,860,661 Intangible assets 15,527,081 16,
Slide 41: Consolidated Cash Flow Statement | 1Q26
Consolidated Cash Flow Statement| 1Q26 (in USD) 1Q26 1Q25 (Cont’d) 1Q26 1Q25 Net profit for the period before income tax 57,046,225 49,313,873 Cash flows from investing activities Adjustments for: Interest collected 4,846,016 5,352,120 Depreciation & amortization 13,061,371 12,979,801 Company's shar
Slide 42: Charting Success | Investment Milestones
Charting Success | Investment Milestones ━ Established Valmore as Egyptian Kuwait Holding ━ Acquired 100% of Sprea and Plastichem 1997 (EKH) ━ Established Building Materials Industries Company ━ Increased stake in AlexFert to 57.4% - ━ Established NATGAS with Shell & GAIL (India) 2007 (BMIC) 2021 ━
Slide 43: Disclaimer
Disclaimer This presentation was prepared by Valmore Holding (“Valmore”) and is strictly confidential and may contain market sensitive information. All recipients hereof who are permitted to receive the same are bound by the restrictions on disclosure and use and other terms thereof. The provision o
Slide 44: Investor Relations Contact Information
Investor Relations Contact Information Omar Nashaat Investor Relations Director Omar.Nashaat@valmore.com (+202)33363300 Maryam Saleh Senior Investor Relations Associate Maryam.Saleh@valmore.com (+202)33363300 IR Website: ir.valmore.com 44