Saudi Arabian Oil Co. · TADAWUL:2222
Saudi Arabian Oil — Saudi Aramco — FY2025 Earnings Presentation
23 slides from Saudi Arabian Oil's earnings presentation, Mar 10, 2026
Slide 1: FY2025 Results
FY2025 Results March 10, 2026 where energy is opportunity tm Saudi Aramco: Company General Use
Slide 2: Cautionary notes
Cautionary notes This presentation may contain certain forward-looking statements with respect to the Saudi Arabian Oil Company’s ("Aramco" or the "Company" or "we") financial position, results of operations and business and certain of its plans, intentions, expectations, assumptions, goals and beli
Slide 3: Amin Nasser, President & CEO
Amin Nasser President & CEO
Slide 4: Delivering advantaged growth, cash generation, increasing returns
Delivering advantaged growth, cash generation, increasing returns Advantaged growth > Highest returns in industry with $105bn FY 2025 adjusted net income and ROACE1 of c.20%, 2x peer average2 > Liquids production increased by 1mmbpd in Q4 y/y; record refining availability and throughput in downstrea
Slide 5: Better than expected growth in 2025, momentum to continue in 2026
Better than expected growth in 2025, momentum to continue in 2026 > Robust global economy, > Transport fuels & Petchem supporting 2026’s robust growth of 1.1 mmbpd3 > Resource additions remain below annual production4 GDP y/y (%)1,2 Gasoline Jet kero 2026 2025 Oil Investments $bn LPG Others Resource
Slide 6: Strategic growth engines: leveraging competitive advantages to create value
Strategic growth engines: leveraging competitive advantages to create value Upstream Downstream Lithium New Energies Crude Gas Portfolio integration Unlocking value from Renewables Unique lower-cost, lower-carbon intensity advantaged assets Stable and attractive double-digit & transformation our vas
Slide 7: Liquids: delivering world-class crude projects with unrivalled cost advantage
Liquids: delivering world-class crude projects with unrivalled cost advantage Strong execution and delivery Marjan Strengthening our unique advantages Arabian > Marjan and Berri extending flexibility and longevity Medium 300mbpd Onstream of our upstream portfolio > Major increment Zuluf on track for
Slide 8: Gas: delivering high growth in one of the world's largest gas markets
Gas: delivering high growth in one of the world’s largest gas markets Strong execution and delivery Successful delivery to support higher OCF generation (mmscfd) > Jafurah Phase 1 commissioned with first gas in December 2025 + >1mmbpd incremental high-value associated liquids ~1,000 > Tanajib Gas Pl
Slide 9: Downstream: realizing value from strong execution and integration synergies
Downstream: realizing value from strong execution and integration synergies Leveraging vertical integration and global footprint Executing LTC projects with for value generation capital discipline Strong execution and delivery Crude placed into Downstream LTC capacity 53% 53% > 53% Aramco’s crude ut
Slide 10: Pioneering AI & technology: progressing value-creation opportunities
Pioneering AI & technology: progressing value-creation opportunities Measurable returns from technology deployment High impact TRV cases in 2025 $11.3bn TRV generated since 2023 c.50% from AI solutions ✓ Enables growth of new businesses ✓ Measurable real impact from AI solutions THIRD-PARTY VALIDATE
Slide 11: Ziad Al-Murshed, Executive Vice President & CFO
Ziad Al-Murshed Executive Vice President & CFO
Slide 12: 2025 operational and financial performance
2025 operational and financial performance FY 2024 FY 2025 FY 2025 versus FY 2024 Operational highlights > Strong adjusted net income and free cash flows Average realized crude oil prices ($/bbl) 80.2 69.2 − Resilient Upstream EBIT4 reflects higher volumes despite Total hydrocarbon production (mmboe
Slide 13: 2025 operational and financial performance
2025 operational and financial performance Q4 2024 Q3 2025 Q4 2025 Key quarterly highlights Operational highlights > Q4 2025 vs Q4 2024 Average realized crude oil prices ($/bbl) 73.1 70.1 64.1 Total hydrocarbon production (mmboed) 12.2 13.3 13.2 − Upstream EBIT4 down 5% despite 12% decline in Liquid
Slide 14: Strong cash generation driven by advantaged growth programs
Strong cash generation driven by advantaged growth programs Incremental future OCF +$10-11bn per 1mmbpd > Growth programs on track Potential crude production growth from readily available capacity2 and building momentum to generate +$8-10bn higher future OCF +$12-15bn Up from $9-10bn Downstream > De
Slide 15: Disciplined capital investments drive free cash flow growth
Disciplined capital investments drive free cash flow growth Capital investments trajectory ($bn) 60 Additional investments subject to prevailing accretive investment opportunities, e.g. HUMAIN > 2025 capital investments of $52.2bn, within $52-55bn guided range Capex on current opportunities1 peaking
Slide 16: Robust balance sheet and financial flexibility enabling world-class distributions
Robust balance sheet and financial flexibility enabling world-class distributions > Unmatched cash flow generation capability across cycles > Sustainable and progressive base dividend for Q4 2025 up 3.5% q/q > Highest portion of cash available for distributions & external investments > Base dividend
Slide 17: Amin Nasser, President & CEO
Amin Nasser President & CEO
Slide 18: Aramco positioned to generate ongoing advantaged growth and returns
Aramco positioned to generate ongoing advantaged growth and returns > Strong FY25 results, resilient adjusted net income and higher cash flow generation even in lower oil $104.7bn $85.4bn 19.8% Adjusted net income1 Free cash flow ROACE1,2 price environment > Upstream production growth on track to de
Slide 19: Questions & Answers
Questions & Answers Saudi Aramco: Company General Use Saudi Aramco FY 2025 Results | 19
Slide 20: Appendix
aramco fal Appendix
Slide 21: Aramco's attractive and visible dividend distributions
Aramco’s attractive and visible dividend distributions Sustainable and Progressive Base Dividend $bn 2019 2020 2021 2022 2023 2024 2025 2026 Base dividend1 75.0 75.0 75.0 75.0 78.0 81.2 84.6 87.62 Y/Y change % 4.0% 4.0% 4.2% 3.5% Performance-Linked Dividend to share upside $bn FY 2022 FY 2023 Combin
Slide 22: Glossary and upcoming reporting dates
Glossary and upcoming reporting dates Glossary Reporting dates1 Adjusted EBIT Aramco defines adjusted EBIT as net income plus finance costs and income taxes and zakat, less PV Photovoltaic solar facility finance income, adjusted for replacement cost, and identified items before tax impact. This is a
Slide 23: Saudi Aramco FY 2025 Results | 23
Saudi Aramco: Company General Use Saudi Aramco FY 2025 Results | 23