Arabian Drilling Co. · TADAWUL:2381
Arabian Drilling — Q1 2026 Earnings Presentation
18 slides from Arabian Drilling's earnings presentation, May 11, 2026
Slide 1: Q1 2026 Earnings Call
Q1 2026 EARNINGS CALL 11 May 2026 15.00 KSA
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Arabian Drilling (the “Company” or “AD”) based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herein solely for informational purposes. It should not be construed
Slide 3: In Today's Presentation
In Today’s Presentation Fahad Albani Farid Mustafayev Bassem ElShawy Chief Executive Officer Chief Financial Officer IR & Communications Director Fahad brings nearly 30 years of upstream Farid brings over 24 years of global corporate Bassem brings over 25 years of experience in experience in drillin
Slide 4: Q1 2026 Financial Highlights (Versus Q4 2025)
Q1 2026 Financial Highlights (Versus Q4 2025) 822 M 289 M 35.2 % Revenue, -0.3% EBITDA, +9.7% EBITDA Margin, 3.2 ppts 7.1M 281M 2.0 X Net Income, +104.7% Operating Cash flow*, +9.0% NET DEBT / LTM EBITDA * Before working capital changes 4
Slide 5: Q1 2026 Financial Highlights (Versus Q1 2025)
Q1 2026 Financial Highlights (Versus Q1 2025) 822 M 289 M 35.2 % Revenue, -9.8% EBITDA, -24.1% EBITDA Margin, -6.6 ppts 7.1M 281M 2.0 X Net Income, -90.6% Operating Cash flow*, -22.3% NET DEBT / LTM EBITDA * Before working capital changes 5
Slide 6: Q1 2026 Highlights
Q1 2026 Highlights 12.5 Bn 81.7 % 1.46 % 0.042 49 Recalls / BACKLOG UTILIZATION Conflict NPT - YTD TRIF RIG MOVES* +31% YoY • Record high and • 49 active rigs / 60 • 30% improvement • 55% lower • 22.5% increase in • 4 rigs resumed stable Backlog. available . from Q1 2025. compared with activity fr
Slide 7: Backlog & Utilization Rate (as of 31 March 2026)
Backlog & Utilization Rate (as of 31 March 2026) +31% 12.4 12.5 , bn Backlog of 12.5 Bn 11.1 11.0 9.5 4.6 4.1 • Maintaining a strong and stable backlog: 4.1 7.1 o Average remaining contracts tenure: 3.3 years. 5.6 o Strong book-to-bill ratio 3.7x. 6.8 7.7 8.5 3.9 4.0 • Backlog value in Q1 ‘26 up b
Slide 8: Contract Renewals - As of 31 March 2026
Contract Renewals - As of 31 March 2026 Number of rig contracts expiring • Three major land contract extensions in Q1 18 1 2026 announced on 13 January 2026. 12 11 0 • Gas LSTK contract extended till end of August 2026 . Expecting to receive retendering results 7 in Q2 2026. 12 4 6 1 6 2 3 • Other c
Slide 9: Financial KPIs: Q1 2026 Versus Q4 2025
Financial KPIs: Q1 2026 Versus Q4 2025 (, M) -0.3% +9.7% • Revenue broadly flat QoQ, despite 824 822 32.0% 35.2% late-March offshore suspensions 0.9% 289 • EBITDA +9.7% QoQ, driven by 263 7 higher utilization and operational -4.1% efficiency • Net Income at 7M returning to -34 Q4 ’25 Q1 ’26 Q4 ’25
Slide 10: Financial KPIs: Q1 2026 Versus Q1 2025
Financial KPIs: Q1 2026 Versus Q1 2025 (, M) -24.1% -9.8% -90.6% • Revenue -9.8% YoY, driven by 41.8% 911 822 35.2% 8.3% non-repeat of high-margin long rig 381 move in Q1’25, and lower Land 289 75 utilization • EBITDA and Net Income down 7 0.9% YoY, reflecting lower activity and absence of one-off
Slide 11: Segment Analysis
Segment Analysis, (, M) Land Segment Revenue and GP %* 1,400 45 1,000 40 1,400 50 1,200 35% 40 42% 35 1,200 800 50 32% 35 35% 40 800 30 -17.1% 1,000 -4.0% 661 1,000 30 911 40 823 822 822 600 571 549 25 600 549 800 25 800 30 20 30 600 20 600 73% 400 400 18.8% 69% 67% 67% 20 15 15 20 400 400 5.8% 10
Slide 12: Net Income Bridging Q1 2026 vs. Q4 2025
Net Income Bridging Q1 2026 vs. Q4 2025 Strong Net Income improvement despite war impact (+42M QoQ) 7 • Q4’25 exceptionals did not repeat offshore demobilization cost offset partly by no repeat of long 40 rig move benefit • Conflict-related headwinds lost revenue and higher war-risk 13 -11 insurance
Slide 13: Cash On Hand Bridging Q1 2026 vs. Q4 2025
Cash On Hand Bridging Q1 2026 vs. Q4 2025 Cash position stable / Improved DSO supports liquidity 37 -175 289 595 -87 -80 566 • Working Capital inflows driven -12 by higher payables (focus on DPO) Q4 ’25 EBIDTA Chg. In WC CAPEX Net Loans and Others Q1 ’26 • CAPEX focused on rig finance leases reactiv
Slide 14: Strong Debt Profile – Prudent Leverage and Strategic Flexibility
Strong Debt Profile – Prudent Leverage and Strategic Flexibility • QoQ Net Debt reduced in line with 3.03,000 -13.1% 3.0 scheduled loan amortization. 3,000 -3.8% 2,706 2,443 2.52,500 2.5 2,500 2,351 2,351 2.0 2.0 2.0 1.8 • YoY Net debt down 13.1% driven by: 2,000 2.02,000 2.0 • Loan amortization 1,5
Slide 15: Q2 Outlook & Guidance
Q2 Outlook & Guidance Revenue (Quarterly) For the second quarter of 2026, the Company expects revenues to decline up to 12.0% on a sequential basis due to the suspension of some offshore rigs. CAPEX (Annual) Full-year 2026 CAPEX has been revised slightly downward to approximately SAR 700 million, re
Slide 16: Questions And Answers
Questions And Answers Investor Relations contacts: Bassem ElShawy – bshawy@arabdrill.com, Sarah AlQahtani – salqahtani@arabdrill.com 16
Slide 17: Appendix
Appendix This document and the information contained in it are given in confidence and are only to be used by the disclosing party and the receiving party to explore business opportunities relating to Arabian Drilling; they may not be disclosed to third parties or used for any other purpose without
Slide 18: Fleet Analysis
Fleet Analysis Total Available Fleet Active Fleet Inactive Fleet 60 60 49 15 2 2 45 2 0 9 9 2 8 6 5 11 0 3 5 49 49 37 39 1 7 5 Q4 ’25 Q1 ’26 Q4 ’25 Q1 ’26 Q4 ’25 Q1 ’26 Land rig Offshore rig SESV Land rig Offshore rig SESV Susp’d (Land) Uncont’d (Land) Susp’d (Offshore) Uncont’d (Offshore) 18