Kingdom Holding Co. · TADAWUL:4280
Kingdom — FY2025 Earnings Presentation
25 slides from Kingdom's earnings presentation, Mar 30, 2026
Slide 1: Kingdom Holding Co. FY 2025 Earnings Presentation
High res photo Kingdom Holding Co. FY 2025 Earnings Presentation 30 March 2026
Slide 2: Disclaimer
Disclaimer The Kingdom Holding Company (KHC) prepared this presentation on a proprietary basis as general background information about the activities of KHC. The information contained herein is given in summary form and for discussion purposes only. Some of the information that is relied upon by KHC
Slide 3: Contents
Contents 1. Kingdom Holding Company Overview 2. NAV Update and Key Developments 3. FY 2025 Financial Performance 4. Investment Thesis P. 3
Slide 4: Kingdom Holding Company Overview
Kingdom Holding Company Overview Earnings Presentation P. 4
Slide 5: Kingdom Holding Company is an iconic global investment brand
KHC overview NAV update Financial performance Investment thesis Kingdom Holding Company is an iconic global investment brand Kingdom Holding Company (KHC) is 1 a KSA based holding company Gross Gross Asset Asset Value Value Composition, Fair Value Basis (%) Composition (%) Net Income 4 FY 2025 creat
Slide 6: KHC's investment portfolio is well-balanced and diversified
KHC overview NAV update Financial performance Investment thesis KHC’s investment portfolio is well-balanced and diversified Equity 55.4% Hospitality 23.9% Real Estate 3.9% Land 16.8% ¥ 49.8bn ¥ 21.5bn ¥ 3.5bn ¥ 15.1bn Portfolio $13.3bn Portfolio $5.7bn portfolio $0.9bn portfolio $4.0bn Four Four Sea
Slide 7: Equity portfolio remains well-balanced and positioned for growth
KHC overview NAV update Financial performance Investment thesis Equity portfolio remains well-balanced and positioned for growth Equity portfolio by industry Equity portfolio by country 1% 17% 4% 3% Space & Tech US 34% 5% Banking Saudi Arabia Airline 6% China 61% Insurance & Asset Management UK 25%
Slide 8: Deep-dive: Jeddah Economic Company Tower
KHC overview NAV update Financial performance Investment thesis Deep-dive: Jeddah Economic Company Tower March 2026 update: 1,000+m 3,280+ ft Façade cladding fabrication underway; Height installed across 10+ floors MEP first-fix installations in progress The ‘Centrepiece’ of Jeddah across office lev
Slide 9: FY 2025 NAV Update and Key Developments
FY 2025 NAV Update and Key Developments Earnings Presentation P. 9
Slide 10: Net asset value amounted to SAR 78.0 bn, up 30% YoY
KHC overview NAV update Financial performance Investment thesis Net asset value amounted to ¥ 78.0 bn, up 30% YoY Gross Asset Value (FV Basis) Movement YoY (¥ Bn) Net Asset Value (FV Basis) Movement YoY (¥ Bn) +26% +30% 18.9 0.4 89.9 18.6 78.0 71.3 (0.5) (0.2) 59.9 (0.4) +61% -2% +11% -1% +26% +4% F
Slide 11: HoldCo discount remained elevated
KHC overview NAV update Financial performance Investment thesis HoldCo discount remained elevated 25 300% ¥ 21.05 250% 20 ¥ 17.43 ¥ 17.48 200% ¥ 16.16 ¥ 14.56 ¥ 14.70 150% 15 100% ¥ 9.99 10 50% 0% 5 52% -50% 0 -100% Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25
Slide 12: Equity portfolio surged on xAI-SpaceX, flynas and public equity gains
KHC overview NAV update Financial performance Investment thesis Equity Portfolio Equity portfolio surged on xAI-SpaceX, flynas and public equity gains Equity Portfolios Movement YoY (¥ Bn) Selected listed equities YoY performance (2025/2024) Citigroup +57% M&G +58% FY 24 30.9 Phoenix +55% Listed & U
Slide 13: Hospitality remained stable amid cautious valuation approach
KHC overview NAV update Financial performance Investment thesis Hospitality Portfolio Hospitality remained stable amid cautious valuation approach Hospitality Portfolio Movement YoY (¥ Bn) FY 24 22.0 Accor +18% 0.5 George V +0% Savoy +0% -2% Four +0% Seasons Other (1.1) FY 25 21.5 • Positive contrib
Slide 14: Real estate delivers stable income with growth upside
KHC overview NAV update Financial performance Investment thesis Real Estate Portfolio Real estate delivers stable income with growth upside Real Estate Portfolio Movement YoY (¥ Bn) FY 24 3.2 Kingdom +13% 0.3 Centre +11% Kingdom +3% 0.0 Schools FY 25 3.5 • Real-estate revenue came in at ¥ 583 Mn for
Slide 15: Conservatively priced land poised for value realization
KHC overview NAV update Financial performance Investment thesis Land portfolio Conservatively priced land poised for value realization Land Portfolio Movement YoY (¥ Bn) FY 24 15.3 JEC +2% 0.3 Underdeveloped land -8% (0.1) -1% Developed land -12% (0.3) FY 25 15.1 Jeddah Economic City Developed land
Slide 16: FY 2025 Financial Performance
FY 2025 Financial Performance Earnings Presentation P. 16
Slide 17: 2025 net profit rose 73% YoY, driven by gains on an equity investee sale
KHC overview NAV update Financial performance Investment thesis 2025 net profit rose 73% YoY, driven by gains on an equity investee sale, impairment reversal, higher dividends, and lower financial charge Net Profit Movement YoY (¥ Mn) +73% 1. In 3Q reversed ¥ 500 million impairment on Accor 155.9 re
Slide 18: Net profit increased by 73% in 2025, reaching a multi-year high
KHC overview NAV update Financial performance Investment thesis Net profit increased by 73% in 2025, reaching a multi-year high Owners of the Net profit Company (¥) attributable to shareholders (¥ Mn) 6,943 2,143 1 1,017 1,018 1,237 952 +629% -85% +21% +73% 2021 2022 2023 2024 2025 P. 18 Kingdom Hol
Slide 19: Shareholders' equity expanded by 50% YoY, assets FVOCI up by 79%
KHC overview NAV update Financial performance Investment thesis Shareholders’ equity expanded by 50% YoY, assets FVOCI up by 79% QoQ YoY Book Value Per Share (¥) ¥ Mn 4Q 2025 3Q 2025 4Q 2024 Change Change Total current assets 2,841 3,840 -26% 2,629 8% 15.8 Cash & cash equivalents 1,525 2,459 -38% 1,
Slide 20: Leverage improved to multi-year lows
KHC overview NAV update Financial performance Investment thesis Leverage improved to multi-year lows Net Debt (¥ Bn) Debt to Equity +4% 0.29x 0.29x 0.27x 12.0 11.8 0.25x 11.4 11.9 11.7 0.20x +5% -1% -1% +1% 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Debt by currency (%) • KHC has be
Slide 21: FVOCI reserve turned positive and climbed to its highest point in the past decade
KHC overview NAV update Financial performance Investment thesis FVOCI reserve turned positive and climbed to its highest point in the past decade, reflecting both strong market gains and strategic portfolio initiatives FVOCI Reserve (¥ Mn) • FVOCI reserve soared in 2025 15,581 primarily driven by xA
Slide 22: Balancing growth and returns while preserving strong liquidity
KHC overview NAV update Financial performance Investment thesis Balancing growth and returns while preserving strong liquidity DPS (¥) Cash & Cash Equivalents (¥ Mn) -10% 2,459 0.28 0.28 0.28 0.28 2,167 1,690 1,709 1,525 +1% +27% +13% -38% 2022 2023 2024 2025 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Dividend P
Slide 23: Investment Thesis
Investment Thesis Earnings Presentation P. 23
Slide 24: Unlocking exclusive access with proven expertise and valuation upside
KHC overview NAV update Financial performance Investment thesis Kingdom Holding Company: Unlocking exclusive access with proven expertise and valuation upside 1. Current Unlisted assets provide opportunities for Valuation unlocking value 2. Portfolio A portfolio shift is underway, capitalizing on Sh
Slide 25: Thank you
Thank you