Almarai Company · TADAWUL:2280
Almarai — Q4 2024 Earnings Presentation
42 slides from Almarai's earnings presentation, Jan 21, 2025
Slide 1: Almarai
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Slide 2: Earnings Presentation 21st January 2025
SZ Uncholl Almarai Earnings Presentation 21st January 2025
Slide 3: Disclaimer
bp Iii 9 Va. ‘Almarai ronzs Disclaimer | Information contained in this presentation is subject to change without yy further notice, its accuracy is not guaranteed, and it may not contain all i material information concerning the company. We do not make any representation regarding, and assume no res
Slide 4: Agenda
Market Dynamics . ae ay Pi : DD ed Financial Performance ioe ane f Other Information % Question & Answer
Slide 5: Market Dynamics
Earnings Presentation Market Dynamics
Slide 6: Quarter Innovation Pipeline
=, ‘cho th Quarter Innovation Pipeline Earnings Presentation - Q4 2024
Slide 7: Whilst Almarai maintaining Market Share Leadership in KSA
Whilst Almarai maintaining Market Share Leadership in KSA Almarai Value Share % Dairy 50 49 49 1 Food 32 34 33 1 Juice 46 43 46 1 Bakery 56 55 56 1 Poultry (Fresh Chicken) 35 37 35 1 Earnings Presentation - Q4 2024
Slide 8: Business Performance
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Slide 9: Q4 2024 Key highlights
Q4 2024 Key highlights SAR Million P&L Highlights BS & CF Highlights Revenue 4,920 Q4 2023 42024 Working Capital (510) a Ss, 4,322 Q4 2023 Q4 2024 P&L-ProfitandLoss Statement | BS-BalanceSheet CF - Cash Flow Operating Profit 62-7 529 Q4 2023 Q4 2024 CAPEX 268 845 Q4 2023 Q4 2024 Earnings Presentatio
Slide 10: Strong growth in KSA, UAE and Jordan
SAR Million Strong growth in KSA, UAE and Jordan 2024 Revenue is SAR 5,1 0 Jordan “— ont Current Performance KSA 195 ow UAE Te baa) Jordan 26 » Kuwait 13 |Ijsw Bahrain 5 5% Oman (9) (4%) Egypt (20) (6%) Total 238 5% \ 66% * SAR 238M total growth includes SAR-12M fromother countries cloll Earnings Pr
Slide 11: Driven by most product categories, mainly Foods and Fresh Dairy
.. driven by most product categories, mainly Foods and Fresh Dairy SAR Million Long Life Dairy 445 8% _ Food 626 12% Bakery 729 14% 4 2024 Revenue is SAR 5,157 M with a total growth of SAR 238 M or 5% Fruit Juice 397 8% Fresh Dairy 1,843 36% Food Fresh Dairy Fruit Juice Bakery Poultry Total 975 19%
Slide 12: And growth observed in all channels
..and growth observed in all channels SAR Million 4 2024 Revenue is SAR 5,157 M with a total growth of SAR 238 M or 5% Food Service : Export / Other 858 2 222 17% - 4% TraditionalTrade = 93 mE Food Service 50 — §€=«—C 6% Export / Other 10 -_ | 5% Total 238 sx Modern Trade Traditional Trade 1,147 2,9
Slide 13: Financial Performance
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Slide 14: Q4 2024 Net Income Bridge
Q4 2024 Net Income Bridge SAR Million 81 (124) 0 — = _ 371 15 | Favourable Growth = 16% / SAR 60M . Q4 2023 Net Cost of Goods Volume, Mix Operational Funding & Q4 2024 Pricing Sold & Others Cost Others acholl Earnings Presentation - Q4 2024 Almarai ,,4
Slide 15: Q4 2024 Financial Performance
Q4 2024 Financial Performance SAR Million Revenue 4,920 Q4 2023 Q4 2024 “« All GCC markets except Oman maintained positive momentum in Q4, with KSA, and UAE leading the way. “+ Growth, particularly, was driven by strong performance in Food and Fresh dairy. Operating Profit 529 Q4 2023 Q4 2024 “* Ope
Slide 16: Q4 2024 Results By Segment
Q4 2024 Results By Segment SAR Million ‘ Z _ Revenue By Segment _ Growth ~ Dairy & Juice 7 3311 iz “Growth was mainly driven by Food and Fresh Dairy. This was Dairy & Juice |~’ achieved despite Egypt's lower contribution due to 3,129 Bakery 729 devaluation. “ The segment's net profit growth was high
Slide 17: Business Performance
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Slide 18: Full Year 2024 Key highlights
Full Year 2024 Key highlights SAR Million Revenue Operating Profit Net Income Yn 2 264 _. i=) 301 208. 5 11% 13% = | a 19,576 2,694 2,049 FY 2023 FY2024 FY 2023 FY 2024 FY 2023 FY 2024 2 Working Capital CAPEX Free Cash Flow 2 = (510) =) SA 352 x= ~ “ ue a (S) o 4,322 2,530 4,179 a FY 2023 FY 2024 FY
Slide 19: Positive growth in all countries
SAR Million Positive growth in all countries... Full Year 2024 Revenue is SAR 20,980 M with a total growth of SAR 1,404 M or 7% } county | Current Performance Country \ 66% * SAR 1,404M total growth includes SAR +10M from other countries cloll Earnings Presentation - Q4 2024 Almarai’ j9
Slide 20: Driven by positive growth in all categories
.. driven by positive growth i in all categories SAR Million Full Year 2024 Revenue is SAR 20,980 M with a total growth of SAR 1,404 M or 7% Fruit Juice 1.712 Fresh Dairy Long Lif , Sain Ba ox Eresina Current Performance 36% TOQuCt 9% Fresh Dairy 445 « Food 285 2. Poultry 276 - LongLifeDairy 214 ji
Slide 21: And positive growth observed in all channels
~and positive growth observed i in all channels SAR Million Full Year 2024 Revenue is SAR 20,980 M with a total growth of SAR 1,404 M or 7% Food Service Export / Other 3,328 J 852 16% ‘ 4% Traditional Trade 838 Modern Trade 358 Food Service 172 Export / Other 36 Total 1,404 Modern Trade : 4779 Tradi
Slide 22: Financial Performance
| Earnings Presentation x Financial Performance 22
Slide 23: Full Year 2024 Net Income Bridge
Full Year 2024 Net Income Bridge SAR Million 519 2,313 223 2049 43) = a] Favourable Growth = 13%/ SAR 264M FY 2023 Cost of ‘Volume, Mix Operational Funding & One-off FY 2024 Preing Goods Sold &Others Cost Others Items* * One-off Food security subsidy received acholl Earnings Presentation - Q4 2024 A
Slide 24: ,0 3,20 ,0 00% 2,40 2,30 ,0 ,0 00% ,00 0 2,20 0 25
22 ,0 00 3,20 0 35 ,0 00% 2,40 0 2,30 0 21 ,0 00 30 ,0 00% 3,00 0 2,20 0 25 ,0 00% 20 ,0 00 2,80 0 2,10 0 20 ,0 00% 2,00 0 19 ,0 00 2,60 0 1,90 0 15 ,0 00% 18 ,0 00 2,40 0 1,80 0 10 ,0 00% 1,70 0 17 ,0 00 2,20 0 5,00 0% 1,60 0 16 ,0 00 2,00 0 0% 1,50 0 ❖ ❖ ❖ ❖ ❖ ❖
Slide 25: Full Year 2024 Results By Segment
Full Year 2024 Results By Segment SAR Million _ Revenue By Segment Dairy & Juice Bakery Poultry — Growth — 14007 gg, 3% 8% Net Profit Margin By Segment Dairy & Juice Bakery Poultry a FY 2024 %ofRevenue Growth 611%) 10% / 15% 1596 13% 12% D} FY 2023 Earnings Presentation - Q4 2024 14% ~ Dairy & Juice
Slide 26: FY 2024 Earnings Presentation: Other Information
Slide 27: CAPEX starting to rise in line with long term capex deployment plan
CAPEX starting to rise in line with long term capex deployment plan SAR Million Capital Investment - 2019 to 2024 17% 11% 13% ° 6% Y 7% : e e 1,650 969 1,364 1,334 2,530 | 2019 | 2020 | 2021 2022 2023 2024 Net Cash Used in Investing Activities elInvestment as a % of Revenue vA Earnings Presentation
Slide 28: Strategic Management of Working Capital continues
Strategic Management of Working Capital continues SAR Million Working Capital - 2019 to 2024 21% 9 22% e 2,668 3,238 2,609 3,599 4,322 2019 2020 2021 2022 2023 2024 Working Capital e Working Capital as a % of Revenue (eholl Earnings Presentation - Q4 2024 Almarai'’ 5,
Slide 29: Strong Operating Cash Flow
Strong Operating Cash Flow Operating Cash Flow - 2019 to 2024 (With Changes in Working Capital) SAR Million 9 “a 27% 31% 29% - 20% 23% ___e 4,732 4,203 4,915 3,830 4,483 2019 2020 2021 2022 2023 2024 Operating Cash Flow e Operating Cash Flow as a % of Revenue Earnings Presentation - Q4 2024
Slide 30: Free Cash Flow
Free Cash Flow SAR Billion a. Free Cash Flow=SAR15B | OCF = SAR 6.0B | 58 0.2 (4.5): » 01 (0.6) (1.0) lc . (3.6) PPE & Investment + 07 (0.9) BA& Other H a — 0.1) 05 Cash & Cash Operating Working Capex | Net ofLoan& Funding Cost Dividend Others Cash & Cash Equivalent Cash Flow Capital (PPE,BA _ | Tim
Slide 31: Net Debt to EBITDA continues to trend lower
Net Debt to EBITDA continues to trend lower and...... Strong EBITDA / EBIT Margins continues... Net Debt Trend SAR Million EBITDA and EBIT Margins 22% 21% 23% 22% > 2.64x 2.29x \ : 2.12 — 1x 207% 13% tom 14% 14% o om — — 55% 53% 53% 51% ° = -< 2 9,201 9,054 9,437 15,850 18,722 19,576 2021 2022 2023
Slide 32: Debt Maturity Profile highlights average debt tenure at 5.4 Years
Debt Maturity Profile highlights average debt tenure at 5.4 Years SAR Billion Debt Maturity by Age by Type prccresss Upto1Yr 1-2Yrs 2-3Yrs 34Yrs 4-5Yrs >5Yrs @ Banks Govt / Semi Govt Inst. Sukuk Earnings Presentation - Q4 2024 Almarai’ 3,
Slide 33: Cash Dividend Since Listing
Cash Dividend Since Listing SAR Million 64% ad 57% 50% 49% 47% 43% gry 42% 42% gy 13 40% 42% _e ° e_ 43% oe ee” 35% 36% © 36% 35% © 34H 2 _ e ° ° e e 200 272: «381 Ss 460s: 518 = 518 = 500. «600.-«s«500.-s«w690.-—s«720.=«S «750 = 850 = 850» 1,000 1,000 1000 1,000 2006 2007 2008 2009 2010 2011 2012 2
Slide 34: Q4 2024 Earnings Presentation: Questions & Answer
Slide 35: Q4 2024 Earnings Presentation: Appendix
Slide 36: Full Year 2024 Profit and Loss Statement
Full Year 2024 Profit and Loss Statement SAR Million 2024 5,1d7 (3,574) 1,583 (793) (159) 7 (47) 591 (118) YoY%/ (YoOY%) ; 100% (69%) 31% (1596) 3%) 0% (196) 4th Quarter 2023 4,920 (3,523) 1,397 (697) (143) (10) (19) 529 (142) 100% (72) 28% (1496) 3%) (0%) (0%) 11% Change 5% (196) 13% (1496) (11%) n
Slide 37: Results by Segment
Results by Segment SAR Million 4th Quarter Full Year Revenue 2024 2023 Growth Growth % 2024 2023 Growth Growth % 3,311 3,128 182 +6% — Dairy &Juice 14,007 12,903 1,105 +9% 729 700 30 +4% Bakery 2,662 2,584 7 +39 975 945 30 +3% — Poultry 3,794 3,518 276 +8% 142 145 (4) -2% Others 516 570 (54) -9% B57
Slide 38: Balance Sheet as of Year End 2024
Balance Sheet as of Year End 2024 SAR Million Net Operating Working Capital 3,812 4,322 PPE, ROU & Intangible Assets 23,974 21,991 Biological Assets 1,838 1,742 Goodwill and Other Assets 944 969 Net Debt 9,655 9,437 Shareholders’ Equity 18,791 17,798 Others Liabilities & NCI 2,122 1,789 PPE = Proper
Slide 39: Cash Flow as of Year End 2024
Cash Flow as of Year End 2024 SAR Million Working Capital 206 (940) End of Service benefit and Zakat/Income Tax Paid (93) (67) IRS EHS META EATCAMVASTANED A Capex (3,634) (2,530) Proceeds/Acquisition of Investments/Subsidiary 0 20 Biological Assets & Others (864) (794) linvesting Gash Row a8 304)) |
Slide 40: Key Share Data
Key Share Data Key Statistics for Almarai (31 Dec 2024) Share Price (SAR) 57.20 Current P/E Ratio (ttm) 24.73 Earnings Per Share (SAR) (ttm) 231 Market Cap (SAR Million) 57,200 Shares Outstanding (Million) 1,000 Dividend Yield 17% Share Price Trend (Listing Date of Almarai Company) =Aimarai none —TA
Slide 41: Awards and Recognition 2024
Fr Almarai Awards and Recognition 2024 - @ NIQ BASES Brand Finance KANTAR KSA vse Breakthreugh 1 Seine m 4" Most Valuable Dairy Brand Globally m_1:"Place FMCG Brand m_15* Place L'usine Food Brand I ti m5! Strongest Brand-Alyoum m 1:'Place L'usine Food Brand m 2"Place Almarai Dairy Brand nnovation ™
Slide 42: Thank you
- (choll Almarai Thank you Earnings Presentation - Full Year 2024