Almarai Company · TADAWUL:2280
Almarai — Q1 2025 Earnings Presentation
33 slides from Almarai's earnings presentation, April 2025
Slide 1: Almarai Earnings Presentation 1st Quarter 2025
Wcholl Almarai Earnings Presentation Lf r 1st Quarter 2025 224 April 2025
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 “me % Market Dynamics % Business Performance % Financial Performance % Other Information ~% Question & Answer 2% Appendix
Slide 4: Market Dynamics
% Market Dynamics « €«€ € €« ¢ ‘acho Almarai
Slide 5: Whilst Almarai maintaining Market Share Leadership in KSA
Whilst Almarai maintaining Market Share Leadership in KSA Almarai Value Share % Dairy 49 49 49 1 Juice 43 46 45 1 Food 34 32 34 1 Bakery 55 57 57 1 Poultry (Fresh Chicken) 37 35 35 1 Earnings Presentation -Qi 2025 Strictly Confidential
Slide 6: Innovation Pipeline
Innovation Pipeline ‘Weboll st Quarter Innovation Pipeline Earnings Presentation -Qi 2025 Strictly Confidential
Slide 7: Business Performance
€% Market Dynamics % Business Performance €% Financial Performance % Other Information ¥% Question & Answer &% Appendix
Slide 8: Q1 2025 Key highlights
Q1 2025 Key highlights +YOY% / (YOY%) P&L Highlights BS & CF Highlights Revenue +308 --77 +6% 5,459 Q1 2024 Q1 2025 Working Capital 4,326 Q1 2024 Q1 2025 P&L-Profit and Loss Statement BS-BalanceSheet CF- Cash Flow Operating Profit +5 Q1 2024 Q1 2025 CAPEX +316. 790 Q1 2024 Q1 2025 Earnings Presentat
Slide 9: Strong growth in KSA, UAE and Kuwait
Strong growth in KSA, UAE and Kuwait JEMillion Q1 2025 Revenue is 3£5,767M with a total growth of JE308M or 6% Current Performance KSA 272 8% UAE 59 Br Kuwait i fed Qatar 6 -_ =| +45% Oman 6 3% Bahrain 5 | +5% Jordan 4 ]-2% Egypt (62) (14%) Total 308° 5% * J 308M total growth includes|4e-9M from oth
Slide 10: ..driven by most product categories, mainly Fresh Dairy & Food
..driven by most product categories, mainly Fresh Dairy & Food JEMillion Q1 2025 Revenue is 3£5,767M with a total growth of JE308M or 6% Fruit Juice Fresh Dairy 384 2,053 1% 36%. Long Life Dairy 542 9%, Bakery 633 11%, Poultry 980 17% 1,039 18% Current Performance Fresh Dairy 168 ~ Food 78 » E Poult
Slide 11: ..and growth observed in all channels
..and growth observed in all channels JEMillion Q1 2025 Revenue is 3£5,767M with a total growth of JE308M or 6% Food Service Export / Other 8/1 264 15% 5% Current Performance Channel Traditional Trade 187 ox Food Service 58 jg +7% Modern Trade 23 1 42% Export / Other 40 BR Total 308% Modern Trade a
Slide 12: Financial Performance
‘choll Almarai €% Market Dynamics &% Business Performance ¥ Financial Performance % Other Information ¥% Question & Answer &% Appendix
Slide 13: Q1 2025 Net Income Bridge
Q1 2025 Net Income Bridge AeMillion 43 (75) ee (48) a | (15) Favourable Growth = 6% / J£39M > T T T T T Q1 2024 Net Cost of Goods Volume, Mix Operational Funding & Q1 2025 Pricing Sold & Others Cost Others Earnings Presentation -Qi 2025 Strictly Confidential
Slide 14: Q1 2025 Financial Performance
Q1 2025 Financial Performance +YoY% / (YOY%) Revenue 5,459 Q1 2024 Q1 2025 « All GCC markets, except Egypt, maintained a positive momentum in Q1, with the KSA and UAE leading the way. “+ Growth rate was the highest for the Dairy category due to a successful Ramadan execution, followed by Foodand Pou
Slide 15: Q1 2025 Results By Segment
Q1 2025 Results By Segment +YoY% / (YOY%) JeMillion Revenue By Segment Growth Daryaduice (4°78 = 6% 3,792 Dairy & Juice “Growth was mainly driven by Fresh Dairy, which was positively supported by the successful execution of Ramadan “* The segment's net profit growth was in line with revenue growth,
Slide 16: Other Information
= ‘acho Almarai ¥% Market Dynamics ¥ Business Performance ¥% Financial Performance % Other Information ¥% Question & Answer ¥% Appendix
Slide 17: CAPEX starting to rise in line with long-term capex deployment plan
CAPEX starting to rise in line with long-term capex deployment plan JEMillion Capital Investment - 2020 to TTM Q1 2025 19% —— 13% es 9% 6% ; 7% e oe 969 1,364 1,334 2,530 3,634 2020 . 2021 . 2022 . 2023 2024 . TTM Q1 2025 . Net Cash Used in Investing Activities e Investment as a % of Revenue Earning
Slide 18: Strategic Management of Working Capital continues
Strategic Management of Working Capital continues JEMillion Working Capital - 2020 to Q1 2025 21% 5 22% 20% . 16% 19% . 18% ° e 3,238 2,609 3,599 4,322 3,812 t T T T T T 2020 2021 2022 2023 2024 TTM Q1 2025 Working Capital e Working Capital as a % of Revenue Earnings Presentation -Qi 2025 Strictly C
Slide 19: Strong Operating Cash Flow
Strong Operating Cash Flow JEeMillion Operating Cash Flow - 2020 to TTM Q1 2025 (With Changes in Working Capital ) 4,203 4,915 3,830 4,483 6,028 1 2020 2021 2022 2023 2024 TTM Q1 2025 Operating Cash Flow e Operating Cash Flow as a% of Revenue Earnings Presentation -Qi 2025 Strictly Confidential
Slide 20: Free Cash Flow - Rolling Months
Free Cash Flow - Rolling 12 Months Ag Billion Free Cash Flow = 4+0.9B OCF = #5.7B 58 (0.1) (4.8) 1.0 (0.7) a 0.5 somes nn OD) 06 _ a “oe | os 68 Cash&Cash_ Operating Working Capex Net of Loan& Funding Cost Dividend Others Cash & Gash Equivalent = Cash Flow Capital (PPE,BA Time Deposit Equivalent Q1
Slide 21: Net Debt to EBITDA continues to trend lower
Net Debt to EBITDA continues to trend lower and...... Strong EBITDA / EBIT Margins continues... JEMillion Net Debt Trend EBITDA and EBIT Margins 23% 22% an 2.1x 2.1x 2.1x 21% -_ a 22% 14% 14% 14% 53% 53% 51% 51% 1296 “ © > 9,054 9,437 9,655 18,722 19,576 20,980 T T T r 1 1 2022 2023 2024 TTMQ1 2025
Slide 22: Debt Maturity Profile highlights average debt tenure at 6.05 Years
Debt Maturity Profile highlights average debt tenure at 6.05 Years Ag Billion Debt Maturity by Age and by Type Upto1Yr 1-2Yrs 2-3Yrs 3-4Yrs 4-5Yrs >5Yrs m@ Banks Govt / Semi Govt Inst. Sukuk Earnings Presentation -Qi 2025 Strictly Confidential
Slide 23: Cash Dividend Since Listing
Cash Dividend Since Listing 43% 449% 200 272 42% e 381 42% o 460 40% e 518 45% ° 40 35% -@_ 36% ° ° 518 500 600 600 36% e 690 35% 720 Million 64% o_57% 50% 49% 47% 42% ° oe __ 43% 34% ~~ e 750 850 850 1,000 1,000 1,000 1,000 2006 2007 2008 2009 2010 2011 Cash Dividend Earnings Presentation -Qi 2025
Slide 24: Question & Answer
¥% Market Dynamics ¥% Business Performance ¥% Financial Performance % Other Information ¥% Question & Answer ¥% Appendix
Slide 25: Appendix
‘choll Almarai ¥% Market Dynamics ¥ Business Performance ¥ Financial Performance ¥% Other Information ¥% Question & Answer Y% Appendix
Slide 26: Q1 2025 Profit and Loss Statement
Q1 2025 Profit and Loss Statement +YOY% / (YOY%) Profit and Loss Statement 2025 Revenue 5,767 Cost of sales (3,998) Gross Profit 1,769 Selling and Distribution Expenses (754) General and Administration Expenses (129) Other Expense, net (11) Impairment Loss on Financial Assets 0 Operating Income 874
Slide 27: Results by Segment
Results by Segment +YOY% / (YOY%) AEMillion 1st Quarter Revenue 2025 2024 Growth Growth % Dairy & Juice 4018 3,792 226 +6% Bakery 633 624 8 +1% Poultry 980 921 59 +6% Others 136 121 15 +13% Almarai Consolidated 5,767 5,459 308 +6% Profit Attributable to Shareholders tsi Grstiteh 2025 2024 Growth Gro
Slide 28: Balance Sheet as of End of Q1 2025
Balance Sheet as of End of Q1 2025 Balance Sheet Net Operating Working Capital PPE, ROU & Intangible Assets Biological Assets Net Operating Assets Goodwill and Other Assets Net Capital Employed Net Debt Shareholders’ Equity Others Liabilities & NCI Net Capital Employed Q1 2025 4223 24,728 1,830 30,7
Slide 29: Cash Flow as of End of Q1 2025
Cash Flow as of End of Q1 2025 EMillion Cash Flow Q1 2025 Q1 2024 Cashflow from Operating activities 1,568 1,516 Working Capital (359) (64) End of Service benefit and Zakat/Income Tax Paid (116) (17) Net Cash Generated from Operating Activities 1,093 1,435 Capex (1,106) (790) Proceeds/Acquisition of
Slide 30: Key Share Data
Key Share Data Key Sta Ss for Alm (31 Mar 2025) Year to date total shareholder's return since Share Price (SAR) 55.60 Current P/E Ratio (ttm) 23.64 Earnings Per Share (SAR) (ttm) 2.35 11% ape SALIC. Market Cap (SAR Million) 55,600 16% Shares Outstanding (Million) 1,000 ranbsr seeenes oes eeene nen D
Slide 31: Awards and Recognition 2024
Awards and Recognition 2024 Brand Finance’ u 4""Most Valuable Dairy Brand Globally m 5''Strongest Brand- Alyoum ™ 6'"Strongest Brand-L'usine ™ 6"Most Valuable Brand- KSA KANTAR UAE m 18 Place L'usine Food Brand m_2"4Place Almarai Dairy Brand m 3%Place FMCG Brand m 6t" Place Almarai Beverage Brand KS
Slide 32: Awards and Recognition 2024
Awards and Recognition 2024 Ip FESTIVAL, OF MEDIA GLOBAL AWARDS K 32 3 Place The Most Influential Brand Global & KSA Gold-Use of Data The Non-Sponsored Sponsorship of Ramadan - Contextual Bronze - Use of Data The Non-Sponsored Sponsorship of Ramadan- Contextual Gold- CSR 2024 Awarded by Ministry of
Slide 33: Thank you
Thank you