Almarai Company · TADAWUL:2280
Almarai — Q3 2026 Earnings Presentation
40 slides from Almarai's earnings presentation, Oct 6, 2026
Slide 1: Earnings Presentation 3rd Quarter 2026
Earnings Presentation 3rd Quarter 2026 6th October 2026 1
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 Q3 2026 Q3 2026 YTD Q3 2026 Market Business Financial Business Dynamics Performance Performance Performance YTD Q3 2026 Key Highlights / Question & Financial Appendix Other Information Answer Performance 3 Earnings Presentation - Q3 2026
Slide 4: Market Dynamics
Market Dynamics 4 Earnings Presentation - Q3 2026
Slide 5: Almarai Retains Market Share Leadership in KSA
Almarai Retains Market Share Leadership in KSA Almarai Value Share % Almarai Rank Category Dec-24 Dec-25 Aug-26 Aug-26 Dairy 49 48 49 1 Juice 46 45 50 1 Food 32 35 33 1 Bakery 57 56 56 1 Poultry (Fresh Chicken) 35 33 32 1 5 Earnings Presentation - Q3 2026
Slide 6: Innovation Pipeline
Innovation Pipeline 3 rd Quarter I n n ov a t i o n Pipeline 2026 6 Earnings Presentation - Q3 2026
Slide 7: Q3 2026 Business Performance
Q3 2026 Business Performance 7 Earnings Presentation - Q3 2026
Slide 8: Q3 2026 Key highlights
Q3 2026 Key highlights +YoY% / (YoY%) Million Revenue Operating Profit Net Income P&L Highlights 635 21 5 11% 3% 1% 5,553 6,187 757 779 613 618 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Working Capital CAPEX Free Cash Flow BS & CF Highlights 1,056 89 713 (143) 4,412 5,126 1,002 859 (967) Q3
Slide 9: Strong growth led by KSA, Egypt, and Kuwait
Strong growth led by KSA, Egypt, and Kuwait Million +YoY% / (YoY%) Q3 2026 Revenue is 6,187M with a total growth of 635M or 11% Oman Bahrain Qatar Jordan 213 112 26 243 4% 2% 0% 4% Current Performance Kuwait Country Growth Growth % 314 5% KSA 391 +11% Egypt * 114 +25% UAE 534 Kuwait 33 +12% 9%
Slide 10: Fresh Dairy and Protein lead double-digit Growth
Fresh Dairy and Protein lead double-digit Growth… Million +YoY% / (YoY%) Q3 2026 Revenue is 6,187M with a total growth of 635M or 11% Long Life Dairy Water 576 135 2% Fresh Dairy 9% 2,058 33% Fruit Juice Current Performance 606 Product Growth Growth % 10% Fresh Dairy 1 53 +8% Protein 115 +12%
Slide 11: Consistent growth across all channels
Consistent growth across all channels Million +YoY% / (YoY%) Q3 2026 Revenue is 6,187M with a total growth of 635M or 11% Export / Other Food Service 260 998 4% 16% Current Performance Channel Growth Growth % Traditional Trade 31 0 +10% Modern Trade 1 73 +14% Food Service 1 36 +16% Export / Ot
Slide 12: Q3 2026 Financial Performance
Q3 2026 Financial Performance 12 Earnings Presentation - Q3 2026
Slide 13: Q3 2026 Net Income Bridge
Q3 2026 Net Income Bridge YoY% / (YoY%) Million 191 (132) 31 (68) 613 (17) 618 Favourable Growth = 1% / 5M Q3 2025 Net Cost of Goods Volume, Mix Operational Funding & Q3 2026 Pricing Sold & Others Cost Others 13 Earnings Presentation - Q3 2026
Slide 14: Q3 2026 Financial Performance
Q3 2026 Financial Performance YoY% / (YoY%) Million Revenue Operating Profit Net Income 635 21 5 11% 3% 1% 5,553 6,187 757 779 613 618 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Revenue increased 11% YoY, driven Operating profit grew 3% YoY Net income remained broadly in line by strong perfor
Slide 15: Q3 2026 Results By Segment
Q3 2026 Results By Segment YoY% / (YoY%) Million Revenue By Segment Growth Dairy & Juice 4,010 Revenue growth remained resilient, driven by healthy Dairy & Juice +10% consumer demand and sustained market leadership. 3,655 Profitability remained stable due to a favourable dairy revenue 792 mix, des
Slide 16: YTD Q3 2026 Business Performance
YTD Q3 2026 Business Performance 16 Earnings Presentation - Q3 2026
Slide 17: YTD Q3 2026 Key highlights
YTD Q3 2026 Key highlights +YoY% / (YoY%) Million Revenue Operating Profit Net Income P&L Highlights 1,608 (6) 23 10% (0%) 1% 16,608 18,216 2,445 2,467 1,991 1,986 YTD Q3 2025 YTD Q3 2026 YTD Q3 2025 YTD Q3 2026 YTD Q3 2025 YTD Q3 2026 Working Capital CAPEX Free Cash Flow BS & CF Highlights 713 (4
Slide 18: Strong growth led by KSA and Egypt
Strong growth led by KSA and Egypt Million +YoY% / (YoY%) YTD Q3 2026 Revenue is 18,216M with a total growth of 1,608M or 10% Bahrain Qatar Oman 329 104 Jordan 621 2% 1% 663 3% 4% Current Performance Country Growth Growth % Kuwait 948 KSA 958 +9% 5% Egypt * 323 +27% Egypt Kuwait 76 +9% 1,517 8
Slide 19: Protein led growth in absolute terms
Protein led growth in absolute terms... Million +YoY% / (YoY%) YTD Q3 2026 Revenue is 18,216M with a total growth of 1,608M or 10% Fruit Juice Water 1,552 343 8% 2% Fresh Dairy 6,194 Long Life Dairy 34% Current Performance 1,750 Product 10% Growth Growth % Protein 363 +12% Fresh Dairy 31 3 +5%
Slide 20: Consistent growth across all channels
Consistent growth across all channels Million +YoY% / (YoY%) YTD Q3 2026 Revenue is 18,216M with a total growth of 1,608M or 10% Export / Other 735 Food Service 4% 2,889 16% Current Performance Channel Growth Growth % Traditional Trade 752 +8% Modern Trade 447 +11% Food Service 31 8 +12% Expor
Slide 21: YTD Q3 2026 Financial Performance
YTD Q3 2026 Financial Performance 21 Earnings Presentation - Q3 2026
Slide 22: YTD Q3 2026 Net Income Bridge
YTD Q3 2026 Net Income Bridge YoY% / (YoY%) Million 287 (172) 182 (231) (28) (44) 1,991 1,986 Unfavourable Growth = (0% ) / (6M) YTD Q3 2025 Net Cost of Goods Volume, Mix Operational Funding & One-off Items* YTD Q3 2026 Pricing Sold & Others Cost Others *Reflects non-recurrence of the prior-year
Slide 23: YTD Q3 2026 Financial Performance
YTD Q3 2026 Financial Performance YoY% / (YoY%) Million Revenue Operating Profit Net Income 1,608 (6) 23 (0%) 10% 1% 16,608 18,216 2,445 2,467 1,991 1,986 YTD Q3 2025 YTD Q3 2026 YTD Q3 2025 YTD Q3 2026 YTD Q3 2025 YTD Q3 2026 Revenue increased 10% YoY, driven Operating profit increased 1% YoY, Ne
Slide 24: YTD Q3 2026 Results By Segment
YTD Q3 2026 Results By Segment YoY% / (YoY%) Million Revenue By Segment Growth Dairy & Juice 11,906 Revenue growth remained resilient, driven by improved sales Dairy & Juice +6% across all markets, with Egypt leading performance. 11,189 Profitability remained stable due to a favourable dairy reven
Slide 25: Key Highlights / Other Information
Key Highlights / Other Information 25 Earnings Presentation - Q3 2026
Slide 26: 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 Q3 2026 17% 19% 21% 17% 4,500 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 3,969 500 - -4% 2021 2022 2023 2024 2025 TTM Q3 2026 Net Cash Used i
Slide 27: Strategic Management of Working Capital continues
Strategic Management of Working Capital continues Million Working Capital - 2021 to TTM Q3 2026 22% 22% 19% 18% 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 5,126 -1 5% - -20% 2021 2022 2023 2024 2025 Q3 2026 Working Capital Working Capital as
Slide 28: Strong Operating Cash Flow
Strong Operating Cash Flow Million Operating Cash Flow - 2021 to TTM Q3 2026 (With Changes in Working Capital ) 31% 29% 25% 7,000 23% 21% 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 5,087 -30% 2021 2022 2023 2024 2025 TTM Q3 2026 Operating C
Slide 29: Free Cash Flow – TTM Q3 2026
Free Cash Flow – TTM Q3 2026 Billion Free Cash Flow = +0.5B OCF = 5.1B 5.9 (0.8) (4.5) (4.0) Fixed Assets (0.5) Biological Assets & Other 1.4 (0.7) (1.1) 0.7 (0.2) 0.5 Cash & Cash Operating Working Capex Net of Loan & Funding Cost Dividend Others Cash & Cash Equivalent Cash Flow Capital (PPE,
Slide 30: Stable key profitability and balance sheet trends
Stable key profitability and balance sheet trends Million Net Debt Trend EBITDA and EBIT Margins 2.48x 2.72x 2.12x 23% 22% 22% 20 ,0 00 2.07x 300% 21% 30,00 25% 200% 20 % 53% 51% 58% 63% 14% 14% 14% 13% 15, 00 0 100% 25,00 15% 0% 10% 10, 00 0 -1 00% 20,00 5% -200% 0% 5, 00 0 -300% 1 5,00 -400% -5%
Slide 31: Debt Maturity Profile highlights average debt tenure at 5.87 Years
Debt Maturity Profile highlights average debt tenure at 5.87 Years Billion Debt Maturity by Age and by Type 1.2 2.6 0.4 3.0 0.0 6.8 2.8 34% 4.7 0.2 8.8 63% 1.9 0.5 0.2 0.0 0.4 3% 1.0 2.3 1.1 0.0 4.0 Up to 1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs > 5 Yrs Banks Govt / Semi Govt Inst. Sukuk 31 Earnings P
Slide 32: 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 33: Key Takeaway
Key Takeaway Consumer demand remains strong & resilient despite the prevailing regional situation Almarai delivered double-digit revenue growth, driven by strong and positive performance across every single segment, geography, and channel Supply chain disruptions affecting feed imports remain a pers
Slide 34: Question and Answer
Question and Answer 34 Earnings Presentation - Q3 2026
Slide 35: Appendix
Appendix 35 Earnings Presentation - Q3 2026
Slide 36: YTD Q3 2026 Profit and Loss Statement
YTD Q3 2026 Profit and Loss Statement YoY% / (YoY%) Million 3rd Quarter YTD 3rd Quarer Profit and Loss Statement 2026 2025 Change 2026 2025 Change 6,187 100.0% 5,553 100.0% 11.4% Revenue 18,216 100.0% 16,608 100.0% 9.7% (4,350) (70.3%) (3,805) (68.5%) (14.3%) Cost of sales (12,689) (69.7%) (11,379
Slide 37: Balance Sheet and Cash Flow as of Q3 2026
Balance Sheet and Cash Flow as of Q3 2026 Million Balance Sheet 30-Sep-26 31-Dec-25 30-Sep-25 Cash Flow Q3 2026 Q3 2025 Net Operating Working Capital 5,126 4,122 4,412 Cashflow from Operating activities 4,600 4,426 PPE, ROU & Intangible Assets 28,965 27,459 26,564 Working Capital (929) (323) Biolo
Slide 38: Key Share Data
Key Share Data Key Statistics for Almarai (3 0 Sept 2 02 6) Year to date total shareholder's return since listing Share Price (SAR) 43.50 Sultan Holding Co. 24% Current P/E Ratio (ttm) 1 7.75 Others Earnings Per Share (SAR) (ttm) 2.45 55% SALIC 10% Market Cap (SAR Million) 43,500 1 6% Shares Outstan
Slide 39: 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 40: Thank you
Thank you Click below to view the 2025 Annual Report: 40 Earnings Presentation - Q3 2026