Almarai Company · TADAWUL:2280
Almarai — Q2 2026 Earnings Presentation
40 slides from Almarai's earnings presentation, Jul 7, 2026
Slide 1: Earnings Presentation 2nd Quarter 2026
Earnings Presentation 2nd Quarter 2026 7th July 2026 1
Slide 2: Disclaimer
Disclaimer Information contained in this presentation is subject to change without further notice, its accuracy is not guaranteed, and it may not contain all material information concerning the company. We do not make any representation regarding, and assume no responsibility or liability for, the a
Slide 3: Table of Contents
Table of Contents Q2 2026 Q2 2026 H1 2026 Market Business Financial Business Dynamics Performance Performance Performance H1 2026 Key Highlights / Question & Financial Other Appendix Answer Performance Information 3 Earnings Presentation Q2 2026
Slide 4: Market Dynamics
Market Dynamics 4 Earnings Presentation Q2 2026
Slide 5: Almarai Retains Market Share Leadership in KSA
Almarai Retains Market Share Leadership in KSA. Almarai Value Share % Almarai Rank Category Dec-24 Dec-25 May-26 May-26 Dairy 49 49 49 1 Juice 46 45 48 1 Food 32 35 28 2 Bakery 57 56 58 1 Poultry (Fresh Chicken) 35 33 34 1 5 Earnings Presentation Q2 2026
Slide 6: Innovation Pipeline
Innovation Pipeline 2 nd Quarter I n n ov a t i o n Pipeline 2026 6 Earnings Presentation Q2 2026
Slide 7: Q2 2026 Business Performance
Q2 2026 Business Performance 7 Earnings Presentation Q2 2026
Slide 8: Q2 2026 Key Highlights
Q2 2026 Key highlights +YoY% / (YoY%) Million Revenue Operating Profit Net Income P&L Highlights 580 0 (11) 11% 0% (2%) 5,288 5,868 813 814 647 636 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Working Capital CAPEX Free Cash Flow BS & CF Highlights 690 (122) (341) 4,076 4,766 1,001 879 383 42 Q
Slide 9: Strong growth led by KSA, Egypt, and Kuwait
Strong growth led by KSA, Egypt, and Kuwait Million +YoY% / (YoY%) Q2 2026 Revenue is 5,868M with a total growth of 580M or 11% Bahrain Qatar Oman Jordan 207 104 45 220 2% 1% 3% 4% Current Performance Country Kuwait Growth Growth % 317 5% KSA 290 +8% Egypt** 113 +31% Egypt Kuwait 39 +14% 475 8
Slide 10: Protein led growth in both absolute and percentage terms
Protein led growth in both absolute and percentage terms Million +YoY% / (YoY%) Q2 2026 Revenue is 5,868M with a total growth of 580M or 11% Fruit Juice Water 515 110 9% 2% Fresh Dairy 1,986 Long Life Dairy 34% 561 Current Performance Product 9% Growth Growth % Protein 1 63 +16% Food Water 110
Slide 11: Consistent growth across all channels
Consistent growth across all channels Million +YoY% / (YoY%) Q2 2026 Revenue is 5,868M with a total growth of 580M or 11% Export / Other Food Service 269 949 5% 16% Current Performance Channel Growth Growth % Traditional Trade 302 +10% Food Service 111 +13% Modern Trade 81 +7% Export / Other 8
Slide 12: Q2 2026 Financial Performance
Q2 2026 Financial Performance 12 Earnings Presentation Q2 2026
Slide 13: Q2 2026 Net Income Bridge
Q2 2026 Net Income Bridge YoY% / (YoY%) Million 123 (56) 44 (66) (12) (44) 647 636 Unfavourable Growth = (2% ) / (11M) Q2 2025 Net Cost of Goods Volume, Mix Operational Funding & One-off Items* Q2 2026 Pricing Sold & Others Cost Others *The one-off item reflects the non-recurrence of the prior-yea
Slide 14: Q2 2026 Financial Performance
Q2 2026 Financial Performance YoY% / (YoY%) Million Revenue Operating Profit Net Income 580 0 (11) 11% 0% (2%) 5,288 5,868 813 814 647 636 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Revenue growth of 11%, led by KSA, Operating profit sustained YoY amid Net income remained broadly in line Egyp
Slide 15: Q2 2026 Results By Segment
Q2 2026 Results By Segment YoY% / (YoY%) Million Revenue By Segment Growth Dairy & Juice 3,717 Revenue growth remained resilient, driven by healthy Dairy & Juice +6% consumer demand and sustained market leadership. 3,515 Profitability was pressured by elevated logistics costs. 747 Bakery +8% 695 1
Slide 16: H1 2026 Business Performance
H1 2026 Business Performance 16 Earnings Presentation Q2 2026
Slide 17: H1 2026 Key Highlights
H1 2026 Key highlights +YoY% / (YoY%) Million Revenue Operating Profit Net Income P&L Highlights 973 1 (10) 9% 0% (1%) 11,055 12,028 1,687 1,689 1,378 1,368 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Working Capital CAPEX Free Cash Flow BS & CF Highlights (273) 690 (3) 4,076 4,766 2,108 1,835
Slide 18: Strong growth led by KSA, Egypt, and Kuwait
Strong growth led by KSA, Egypt, and Kuwait Million +YoY% / (YoY%) H1 2026 Revenue is 12,028M with a total growth of 973M or 9% Bahrain Qatar Oman 217 78 Jordan 407 2% 1% 421 3% 4% Current Performance Country Growth Growth % Kuwait 634 KSA 567 +8% 5% Egypt** 209 +29% Egypt Kuwait 43 +7% 943 8%
Slide 19: Protein led growth in absolute terms...
Protein led growth in absolute terms... Million +YoY% / (YoY%) H1 2026 Revenue is 12,028M with a total growth of 973M or 9% Fruit Juice Water 946 208 8% 2% Fresh Dairy Long Life Dairy 4,136 1,173 34% Current Performance Product 10% Growth Growth % Protein 248 +12% Bakery Water 208 n.a. 1,409 1
Slide 20: Consistent growth across all channels
Consistent growth across all channels Million +YoY% / (YoY%) H1 2026 Revenue is 12,028M with a total growth of 973M or 9% Export / Other 475 Food Service 4% 1,891 16% Current Performance Channel Growth Growth % Traditional Trade 442 +7% Modern Trade 274 +10% Food Service 1 82 +11% Export / Oth
Slide 21: H1 2026 Financial Performance
H1 2026 Financial Performance 21 Earnings Presentation Q2 2026
Slide 22: H1 2026 Net Income Bridge
H1 2026 Net Income Bridge YoY% / (YoY%) Millions 151 (162) 96 (40) (12) (44) 1,378 1,368 Unfavourable Growth = (1% ) / (10M) H1 2025 Net Cost of Goods Volume, Mix Operational Funding & One-off H1 2026 Pricing Sold & Others Cost Others Items* *Reflects non-recurrence of the prior-year Romania impairm
Slide 23: H1 2026 Financial Performance
H1 2026 Financial Performance YoY% / (YoY%) Million Revenue Operating Profit Net Income 973 1 9% (10) 0% (1%) 11,055 12,028 1,687 1,689 1,378 1,368 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Revenue growth of 9%, driven by Operating profit improved marginally Net income remained broadly in li
Slide 24: H1 2026 Results By Segment
H1 2026 Results By Segment YoY% / (YoY%) Million Revenue By Segment Growth Dairy & Juice 7,895 Revenue growth remained resilient, driven by improved sales Dairy & Juice +5% across all markets, with Egypt leading performance. 7,534 Profitability improved marginally, driven by disciplined cost 1,409
Slide 25: Key Highlights / Other Information
Key Highlights / Other Information 25 Earnings Presentation Q2 2026
Slide 26: CAPEX spend is in line with long-term capex deployment plan
CAPEX spend is in line with long-term capex deployment plan Million Capital Investment - 2021 to TTM Q2 2026 19% 18% 21% 4,500 17% 4,000 13% 16% 3,500 9% 3,0 00 11 % 2,50 0 7% 2,000 6% 1,500 1,000 1% 1,364 1,334 2,530 3,634 4,385 4,112 500 - -4% 2021 2022 2023 2024 2025 TTM Q2 2026 Net Cash Used i
Slide 27: Strategic Management of Working Capital continues
Strategic Management of Working Capital continues Million Working Capital - 2021 to TTM Q2 2026 22% 21% 19% 18% 19% 16% 5,0 00 20% 15% 4,000 10 % 3,0 00 5% 0% 2,000 -5% -1 0% 1,000 2,609 3,599 4,322 3,812 4,122 4,766 -1 5% - -20% 2021 2022 2023 2024 2025 Q2 2026 Working Capital Working Capital as
Slide 28: Strong Operating Cash Flow
Strong Operating Cash Flow Million Operating Cash Flow - 2021 to TTM Q2 2026 (With Changes in Working Capital ) 31% 29% 25% 7,000 23% 23% 30% 6,000 20% 20% 5,0 00 10 % 4,000 0% 3,0 00 -1 0% 2,000 -20% 1,000 - 4,915 3,830 4,483 6,028 5,463 5,282 -30% 2021 2022 2023 2024 2025 TTM Q2 2026 Operating C
Slide 29: Free Cash Flow – TTM Q2 2026
Free Cash Flow – TTM Q2 2026 Billion FreeCash Flow = (0.5B) OCF = 5.3B 5.8 (0.5) (5.8) (4.1)Fixed Assets (1.0)Acquisition of Water Business (0.7) Biological 2.6 (0.7) Assets & Other (1.1) 0.5 (0.2) 0.5 Cash & Cash Operating Working Capex Net of Loan & Funding Cost Dividend Others Cash & Cash Equiv
Slide 30: Stable key profitability and balance sheet trends
Stable key profitability and balance sheet trends Million Net Debt Trend EBITDA and EBIT Margins 2.48x 2.73x 2.12x 23% 22% 22% 20 ,0 00 2.07x 300% 21% 30,00 25% 200% 65% 20 % 53% 51% 58% 14% 14% 14% 13% 15, 00 0 100% 25,00 15% 0% 10% 10, 00 0 -1 00% 20,00 5% -200% 0% 5, 00 0 -300% 1 5,00 -400% -5%
Slide 31: Debt Maturity Profile highlights average debt tenure at 6.12 Years
Debt Maturity Profile highlights average debt tenure at 6.12 Years Billion Debt Maturity by Age and by Type 1.3 2.2 0.4 0.5 2.5 6.8 2.8 35% 4.8 0.1 8.8 63% 1.9 0.3 0.2 1.0 2.1 0.4 0.5 0.6 4.0 2% Up to 1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs > 5 Yrs Banks Govt / Semi Govt Inst. Sukuk 31 Earnings Prese
Slide 32: Cash Dividend Since Listing
Cash Dividend Since Listing Million 1,400 64% 70% 57% 50% 49% 1,200 45% 47% 47% 43% 42% 42% 42% 43% 50% 41% 40% 40% 35% 36% 36% 35% 34% 1,000 30% 800 10% 600 -1 0% 400 -30% 200 200 272 381 460 518 518 500 600 600 690 720 750 850 850 1,000 1,000 1,000 1,000 1,000 1,150 0 -50% 2006 2007 2008 2009 20
Slide 33: Key takeaway
Key takeaway Consumer demand remains resilient despite the prevailing regional situation Almarai delivered double-digit revenue growth, driven by strong performance across all segments, geographies, and channels, with Poultry and Egypt as the primary contributors Supply chain disruptions affecting f
Slide 34: Question and Answer
Question and Answer 34 Earnings Presentation Q2 2026
Slide 35: Appendix
Appendix 35 Earnings Presentation Q2 2026
Slide 36: H1 2026 Profit and Loss Statement
H1 2026 Profit and Loss Statement YoY% / (YoY%) Million 2nd Quarter 1 st Half Profit and Loss Statement 2026 2025 Change 2026 2025 Change 5 ,868 1 00.0% 5 ,288 1 00.0% 1 1 .0% Revenue 1 2,028 1 00.0% 1 1 ,05 5 1 00.0% 8.8% (4,044) (68.9%) (3,575) (67.6%) (1 3.1 %) Cost of sales (8,338) (69.3%) (7,
Slide 37: Balance Sheet and Cash Flow as of Q2 2026
Balance Sheet and Cash Flow as of Q2 2026 Million Balance Sheet 3 0-Jun-26 31 -Dec-25 3 0-Jun-25 Cash Flow Q2 2026 Q2 2025 Net Operating Working Capital 4,766 4,1 22 4,076 Cashflow from Operating activities 3,21 4 3,074 PPE, ROU & Intangible Assets 28,476 27,459 25,336 Working Capital (677) (341 )
Slide 38: Key Share Data
Key Share Data Key Statistics for Almarai (3 0 Jun 2 02 6) Year to date total shareholder's return since listing Share Price (SAR) 45.48 Sultan Holding Co. 24% Current P/E Ratio (ttm) 1 8.59 Others Earnings Per Share (SAR) (ttm) 2.45 55% 11% SALIC Market Cap (SAR Million) 45,480 1 6% Shares Outstand
Slide 39: Awards and Recognition 2025
Awards and Recognition 2025 Internal Communication Brilliance Award Global 2024 Middle East Top 100 4th Most Valuable Dairy Brand Gold – Employee Engagement Listed Companies Globally Gold – Internal Communication Campaign UAE Localization Award for F&B Gold - New Product Category (Ice Cream) Awarded
Slide 40: Thank you
Thank you Click below to view the 2025 Annual Report: 40 Earnings Presentation Q2 2026