Almarai Company · TADAWUL:2280
Almarai — Q1 2026 Earnings Presentation
30 slides from Almarai's earnings presentation, Apr 7, 2026
Slide 1: Earnings Presentation 1st Quarter 2026
Earnings Presentation 1st Quarter 2026 7th April 2026
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 1st Quarter 1st Quarter Market Business Financial Dynamics Performance Performance Key Highlights / Other Question & Appendix Information Answer 3 Earnings Presentation - Q1 2026
Slide 4: Market Dynamics
Market Dynamics 4 Earnings Presentation - Q1 2026
Slide 5: Whilst Almarai maintaining Market Share Leadership in KSA
Whilst Almarai maintaining Market Share Leadership in KSA Almarai Value Share % Almarai Rank Category Dec-24 Dec-25 Feb-26 Feb-26 Dairy 49 48 48 1 Juice 46 45 47 1 Food 32 34 32 1 Bakery 57 55 57 1 Poultry (Fresh Chicken) 35 32 32 1 5 Earnings Presentation - Q1 2026 Strictly Confidential
Slide 6: Innovation Pipeline
Innovation Pipeline 1 st Quarter Innovation Pipeline 2026 6 Earnings Presentation - Q1 2026
Slide 7: 1st Quarter Business Performance
1st Quarter Business Performance 7 Earnings Presentation - Q1 2026
Slide 8: Q1 2026 Key highlights
Q1 2026 Key highlights +YoY% / (YoY%) Million Revenue Operating Profit Net Income P&L Highlights 393 1 1 0% 7% 0% 5,767 6,160 874 875 731 732 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Working Capital CAPEX Free Cash Flow BS & CF Highlights (150) 138 +338 173 (165) 4,223 4,361 1,106 956 Q1 20
Slide 9: Strong growth in KSA, Egypt and UAE
Strong growth in KSA, Egypt and UAE +YoY% / (YoY%) Million Q1 2026 Revenue is 6,160M with a total growth of 393M or 7% Bahrain Qatar Oman 112 Jordan 201 33 2% 1% 201 3% 3% Current Performance Kuwait Country Growth Growth % 317 5% KSA 278 +7% Egypt** 96 +26% Egypt 468 UAE 27 +5% 8% Qatar 13 +62
Slide 10: Driven by Water the new category, followed by Fresh Dairy and Protein
…driven by Water the new category, followed by Fresh Dairy and Protein +YoY% / (YoY%) Million Q1 2026 Revenue is 6,160M with a total growth of 393M or 7% Fruit Juice Water 431 98 Long Life Dairy 7% 1% Fresh Dairy 613 2,150 35% Current Performance 10% Product Growth Growth % Water 98 n.a. Baker
Slide 11: Driven by growth in Modern Trade, followed by Traditional Trade
…driven by growth in Modern Trade, followed by Traditional Trade +YoY% / (YoY%) Million Q1 2026 Revenue is 6,160M with a total growth of 393M or 7% Export / Other 206 Food Service 4% 942 15% Current Performance Channel Growth Growth % Modern Trade 1 92 +14% Traditional Trade 1 41 +4% Food Serv
Slide 12: 1st Quarter Financial Performance
1st Quarter Financial Performance 12 Earnings Presentation - Q1 2026
Slide 13: Q1 2026 Net Income Bridge
Q1 2026 Net Income Bridge YoY% / (YoY%) Million 108 (96) 731 (27) 16 0 732 Favourable Growth = 0% / 1M Q1 2025 Net Cost of Volume, Mix Operational Funding & Q1 2026 Pricing Goods Sold & Others Cost Others 13 Earnings Presentation - Q1 2026
Slide 14: Q1 2026 Financial Performance
Q1 2026 Financial Performance YoY% / (YoY%) Million Revenue Operating Profit Net Income 393 1 1 7% 0% 0% 5,767 6,160 874 875 731 732 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Positive Growth mainly driven by the Strict cost management has resulted Funding cost is slightly higher, KSA, Egypt
Slide 15: Q1 2026 Results By Segment
Q1 2026 Results By Segment YoY% / (YoY%) Million Revenue By Segment Growth Dairy & Juice 4,179 Net profit increased compared to last year due to improved Dairy & Juice +4% 4,018 sales in all markets (spearheaded by Egypt), along with tight cost management. 662 Bakery +5% 633 Bakery 1,101 Protein +
Slide 16: Key Highlights / Other Information
Key Highlights / Other Information 16 Earnings Presentation - Q1 2026
Slide 17: CAPEX spend is in line with long-term capex deployment plan
CAPEX spend is in line with long-term capex deployment plan Million Capital Investment - 2021 to TTM Q1 2026 20% 19% 21% 4,500 17% 4,000 13% 16% 3,500 9% 3,0 00 11 % 2,50 0 7% 2,000 6% 1,500 1,000 1% 1,364 1,334 2,530 3,634 4,385 4,235 500 - -4% 2021 2022 2023 2024 2025 TTM Q1 2026 Net Cash Used i
Slide 18: Strategic Management of Working Capital continues
Strategic Management of Working Capital continues Million Working Capital - 2021 to TTM Q1 2026 22% 19% 18% 19% 19% 16% 5,0 00 20% 15% 4,000 10 % 3,0 00 5% 0% 2,000 -5% -1 0% 1,000 2,609 3,599 4,322 3,812 4,122 4,361 -1 5% - -20% 2021 2022 2023 2024 2025 Q1 2026 Working Capital Working Capital as
Slide 19: Strong Operating Cash Flow
Strong Operating Cash Flow Million Operating Cash Flow - 2021 to TTM Q1 2026 (With Changes in Working Capital ) 31% 29% 25% 25% 7,000 23% 30% 6,000 20% 20% 5,0 00 10 % 4,000 0% 3,0 00 -1 0% 2,000 -20% 1,000 - 4,915 3,830 4,483 6,028 5,463 5,646 -30% 2021 2022 2023 2024 2025 TTM Q1 2026 Operating C
Slide 20: Free Cash Flow – TTM Q1 2026
Free Cash Flow – TTM Q1 2026 Billion Free Cash Flow = - 0.2B OCF = 5.6B 5.8 (0.1) (5.8) (4.2) Fixed Assets (1.0) Acquisition of Water Business 3.0 (0.7) (1.0) (0.6) Biological Assets & Other (0.1) 1.6 0.5 Cash & Cash Operating Working Capex Net of Loan & Funding Cost Dividend Others Cash & Cash Eq
Slide 21: Stable key profitability and balance sheet trends
Stable key profitability and balance sheet trends Million Net Debt Trend EBITDA and EBIT Margins 23% 22% 22% 22% 25% 2.48x 2.48x 2.12x 2.07x 20 % 25,00 20 0% 14% 14% 15, 00 0 53% 51% 58% 57% 100% 14% 14% 15% 0% 10% 20,00 10, 00 0 -1 00 % 5% -200 % 0% 1 5,00 5, 00 0 -300 % -5% -400% 0 9,437 9,655 1
Slide 22: Debt Maturity Profile highlights average debt tenure at 5.89 Years
Debt Maturity Profile highlights average debt tenure at 5.89 Years Billion Debt Maturity by Age and by Type 1.6 2.4 0.4 0.0 3.0 6.3 2.8 0.1 34% 4.7 1.9 8.5 63% 0.3 1.2 2.3 0.4 0.0 1.1 3.5 0.4 Up to 1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs > 5 Yrs 3% Banks Govt / Semi Govt Inst. Sukuk 22 Earnings Prese
Slide 23: Cash Dividend Since Listing
Cash Dividend Since Listing Million 1,400 64% 70% 57% 50% 49% 1,200 45% 47% 47% 43% 42% 42% 42% 43% 50% 41% 40% 40% 35% 36% 36% 35% 34% 1,000 30% 800 10% 600 -1 0% 400 -30% 200 200 272 381 460 518 518 500 600 600 690 720 750 850 850 1,000 1,000 1,000 1,000 1,000 1,150 0 -50% 2006 2007 2008 2009 20
Slide 24: Question and Answer
Question and Answer 24 Earnings Presentation - Q1 2026
Slide 25: Appendix
Appendix 25 Earnings Presentation - Q1 2026
Slide 26: Q1 2026 Profit and Loss Statement
Q1 2026 Profit and Loss Statement YoY% / (YoY%) Million 1st Quarter Profit and Loss Statement 2026 2025 Change Revenue 6,160 100.0% 5,767 100.0% 6.8% Cost of sales (4,294) (69.7%) (3,998) (69.3%) (7.4%) Gross Profit 1,866 30.3% 1,769 30.7% 5.5% Selling and Distribution Expenses (818) (13.3%) (754)
Slide 27: Balance Sheet and Cash Flow as of Q1 2026
Balance Sheet and Cash Flow as of Q1 2026 Million Balance Sheet 31-Mar-26 31-Dec-25 31-Mar-25 Cash Flow Q1 2026 Q1 2025 Net Operating Working Capital 4,361 4,122 4,223 Cashflow from Operating activities 1,620 1,568 PPE, ROU & Intangible Assets 27,963 27,459 24,728 Working Capital (300) (359) Biolo
Slide 28: Key Share Data
Key Share Data Key Statistics for Almarai (3 1 Mar 2 02 6) Year to date total shareholder's return since listing Share Price (SAR) 43.90 Sultan Holding Co. 24% Current P/E Ratio (ttm) 1 7.90 Others Earnings Per Share (SAR) (ttm) 2.45 55% 10% SALIC Market Cap (SAR Million) 43,900 1 6% Shares Outstand
Slide 29: Awards and Recognition 2025
Awards and Recognition 2025 Internal Communication Brilliance Award Global 2024 Middle East Top 100 4th Most Valuable Dairy Brand Gold – Employee Engagement Listed Companies Globally Gold – Internal Communication Campaign UAE Localization Award for F&B Gold - New Product Category (Ice Cream) Awarded
Slide 30: Thank you
Thank you 30 Earnings Presentation - Q1 2026