ADES Holding Company · TADAWUL:2382
ADES — 9M 2026 Earnings Presentation
24 slides from ADES's earnings presentation, November 2026
Slide 1: Strategy Synergy Scale - Results Presentation 9M-2026
STRATEGY SYNERGY SCALE Results Presentation 9M-2026
Slide 2: Leader in Shallow Water Offshore and Onshore Drilling
Leader in Shallow Water Offshore 1 and Onshore Drilling 1 1 2 Global Scale Operations with 128 Rigs in 21 Countries 11 # of Rigs 3 16 1 1 8 3 88 40 3 offshore 1 3 8 1 4 3 1 1 8 3 1 ADES rigs 40 Shelf rigs 1 1 1 onshore Saipem rigs Committed to Proven Consolidator Leading Scale & Visible, Contracted
Slide 3: Market Update
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Slide 4: Supply losses and depleted inventories point to an imminent longer upstream cycle
Supply losses and depleted inventories point to an imminent longer upstream cycle Inventory rebuild and tight logistics support demand for new supply, while upstream capex recovers selectively. ~3 bn bbl 2–3 mb/d ~$240 bn Extra supply needed to rebuild Gross global supply losses since the inventorie
Slide 5: Market outlook – The structural reality
Market outlook – The structural reality Constrained Supply Limited fleet renewal is constraining the pool of competitive, readily deployable rigs • The marketed global jack -up fleet is 30-35% below its 2017 peak • Very few newbuilds have entered the market in the past decade • Specification, readin
Slide 6: Jackups: A Snapshot as of Oct 2026 Global Jackup Market
Jackups: A Snapshot as of Oct 2026 Global Jackup Market Utilization rates across the majority of ADES’ geographic footprint are above 90% (Excluding Mexico) 1 Middle East Other (Including China) 90% 174 91% 131 NW Europe 142 16 95 27 92% 98 106 55 57 24 27 1 40 47 44 52 20 22 Demand Supply Demand Su
Slide 7: Jack-up supply is structurally capped, and utilization has already recovered
Jack -up supply is structurally capped, and utilization has already recovered from 89% to 93% Premium Jackup Marketed Utilization 2015-Current Marketed Jackup Supply vs. Under Construction 100 700 600 -94% 95 Under-construction rigs since Apr -14 (139→ 8); 139 marketed supply down 476 to 430 500 Num
Slide 8: Premium jack-up dayrates are stabilizing with a firmer medium-term outlook
Premium jack -up dayrates are stabilizing with a firmer medium - term outlook Premium & Standard Jack -Up Dayrates 2015-Current Premium Jack -Up Dayrate Forecast # $’000/day, Average Premium Dayrates The continuation of uptick should continue in the medium term Signs of uptick amidst firmer Middle $
Slide 9: ADES is positioned across the regions absorbing the next phase of jack-up demand
ADES is positioned across the regions absorbing the next phase of jack -up demand Scale, geographic breadth and fleet optionality support participation across multiple contracting cycles. GCC Core West Africa Long -term NOC demand Multi-year programs in Nigeria and underpins the region’s strategic C
Slide 10: Business Update
Business Update
Slide 11: Sustaining World-Class Safety and Operational Excellence
Sustaining World -Class Safety and Operational Excellence SAR, % YoY 9M 2026 Comparative Utilization Rate 1 98.0% 98.3% in 9M 2025 Total Backlog 37.69 bn vs. SAR 34.71bn in FY 2025 Weighted Average Remaining Tenor 2 4.39 vs. 4.73 in FY 2025 TRIR 3 0.09 vs. IADC standard of 0.35 Source: ADES informat
Slide 12: Strong Revenue Growth and EBITDA Performance
Strong Revenue Growth and EBITDA Performance SARmn, % YoY 3Q 2026 3Q 2025 Change 9M2026 9M 2025 Change Revenue 2,229.0 1,653.9 + 34.8% 6,773.1 4,702.9 + 44.0% EBITDA As a % of Revenue 1,008.0 860.7 + 17.1% - 6.8pp 3,171.9 2,535.3 + 25.1% - 7.1pp 45.2% 52.0% 46.8% 53.9% Net Profit As a % of Revenue 9
Slide 13: Achieving a Backlog of SAR 37.69 Billion in 9M 2026
Achieving a Backlog of SAR 37.69 Billion in 9M 2026, one of the highest in the industry ADES’ weighted average remaining contract tenor stood at 4.39 years Backlog by Segment SAR 37.69 bn Backlog by Country Backlog KSA 67% of backlog is Kuwait coming from GCC (30 September 2026) Qatar countries 4.1%
Slide 14: Committed to Operational Excellence & Sustainability
Committed to Operational Excellence & Sustainability Best -in-Class Safety Record Supported by The REI Drives Levels of Activity and Continued Innovation Renewals with Aramco 10% ◼ FTP 4 45% 10% IADC 2 ◼ NPT 5 35% 45% Average REI ◼ HSE 10% 0.35 Rig Efficiency Index (“REI”) Composition ◼ Local Conten
Slide 15: 9M 2026 Financial Update
9M 2026 Financial Update
Slide 16: Steady Backlog Performance Thanks to Contract Renewals and Awards
Steady Backlog Performance Thanks to Contract Renewals and Awards Backlog (SAR bn) Contract Awards and Renewals in 9M 2026 ADES strengthened its Nigeria position with multi-year awards for three premium jack- 8.6% Nigeria ups from WAEP, new contracts for Victory, Main Pass IV and Odyssey (with Sepla
Slide 17: Strong Top-line and EBITDA Growth Supported by Shelf Integration
Strong Top -line and EBITDA Growth Supported by Shelf Integration and a Broader Global Platform Consolidated Revenue by Segment (SAR mn) EBITDA (SAR mn) 52.0% 45.2% 53.9% 46.8% 44.0% 6,773.1 17.1% 25.1% 1,016.4 3,172 34.8% 4,702.9 2,535 895.4 2,229.0 5,756.7 1,653.9 324.5 3,807.5 312.5 1,008 1,904.6
Slide 18: Building Operational Momentum Across Existing and New Geographies
Building Operational Momentum Across Existing and New Geographies Figures in SAR mn KSA 47% of revenue 13.1% 2.8% 13.6% Kuwait generated from GCC 2,756 8.7% countries 10.4% Qatar West & Central Africa* 2,396 Revenue by Southeast Asia** Country 10.3% 9M 2026 Egypt India 35.4% 6.3% Norway 4.3% 2.4% Al
Slide 19: Temporary Regional Disruptions and Shelf Mix Weigh on Bottom-Line Performance
Temporary Regional Disruptions and Shelf Mix Weigh on Bottom-Line Performance Net Profit (SAR mn) 22.1% Group Equity (SAR mn) 54.7% 12.9% 7.0% 0.8% 13.2% 4.5% 6,813 6,867 607.5 473.3 219.1 99.2 3Q 2025 3Q 2026 9M 2025 9M 2026 Net Profit Margin FY 2025 9M 2026 • EBITDA grew, but margins were diluted
Slide 20: CAPEX & Strong Cash Flow Conversion
CAPEX & Strong Cash Flow Conversion Capex (SAR mn) 1 Free Cash Flow (SAR mn) 2 15.6% 82% 83% 1,218 27% 2,632 1,054 540 2,073 462 592 678 9M 2025 9M 2026 Projects Recurring Maintenance Total CAPEX 9M 2025 % Cash Conversion 3 9M 2026 • The increase in total CAPEX reflects higher activities and deploym
Slide 21: Net Debt Evolution
Net Debt Evolution 9M 2026 Net Debt Bridge1 (SAR mn) 1,418 234 19,664 17,791 2,343 296 500 (2,918) The balance of cash and cash equivalents as of 30 Sep 2026 amounted to SAR 2,024million. 1Net debt equals Interest- bearing loans and borrowings, less cash excluding lease liability. * Includes Saipem
Slide 22: Guidance for 2026 and Capital Increase
Guidance for 2026 and Capital Increase ADES maintains its guidance for FY 2026 with EBITDA expected to be in the range of SAR 4.50 –4.87 billion, up c.26 -37% y -o-y increase supported by continued international growth, growing contribution from ADES’ SAR 4.50-4.87bn production model in brownfields,
Slide 23: Thank You
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Slide 24: Important Notice
Important Notice This document and information contained herein (the “Information”) has been prepared by ADES Holding Company (the “Company”) for background purposes only and does not purport to be a full, accurate, complete or comprehensive analysis of the Company’s business, financial or trading p