Afg International Company · TADAWUL:4240
Afg International — Cenomi Retail — 9M 2025 Earnings Presentation
31 slides from Afg International's earnings presentation, November 2025
Slide 1: Cenomi Retail 9M 2025 Earnings Presentation
Cenomi Retail 9M 2025 Earnings Presentation November 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely for use as an Earnings presentation for Cenomi Retail. (the “Company”). By attending or by reading this presentation, you agree to be bound by the following limitations. The information contained in this presentation is for background purposes on
Slide 3: Presenters
Presenters Salim Fakhouri Ahmed Abdelkareem Chief Executive Officer Chief Financial Officer
Slide 4: Agenda
Agenda 1 Highlights & Strategic Review 2 Financial Overview 3 Concluding Remarks 4 Appendix
Slide 5: Highlights & Strategic Review
Highlights & Strategic Review 5
Slide 6: 9M 2025 Performance Highlights
9M 2025 Performance Highlights Operational Performance Segmental Performance Financial Performance Store Network KSA Retail Revenue Revenue 778 stores at September end SAR 2,319.9bn SAR 3,672.0bn -8.7% year-on-year -1.6% year-on-year +3.8% year-on-year POS Transactions KSA International Retail Reven
Slide 7: Continued Focus on Optimizing Market, Brand & Store Footprint
Continued Focus on Optimizing Market, Brand & Store Footprint Store network evolution ▪ 4 stores opened 880 852 Q3’24 ▪ 102 stores closed 806 789 778 246 271 Retail ▪ 0 stores opened 260 269 271 Q3’25 ▪ 13 stores closed 250 249 219 209 204 ▪ 8 stores opened Q3’24 ▪ 10 stores closed 356 360 327 311 3
Slide 8: Continuing our Path to Enhanced Potential and Profitability
Continuing our Path to Enhanced Potential and Profitability Continuing our path to enhanced potential and profitability Phase 1: Fix The House Phase 3: Achieving Optimal Potential ▪ Rationalize brand and store portfolio ▪ Scale existing brands to maximum potential ▪ Exit/stabilize non-strategic mark
Slide 9: 2025 Strategic Focus
2025 Strategic Focus FASHION F&B ONLINE Elevating in Store experience Customer-Centric Innovation Enhancing Experience ▪ Renovations focused on layout, fitting ▪ Tailored product launches (e.g. Cinna Warmer, Bon ▪ Focus on elevating the online rooms, and category mix Topping) to local tastes custome
Slide 10: Al-Futtaim as a strategic shareholder marks a major milestone
Al-Futtaim as a strategic shareholder marks a major milestone in Cenomi Retail’s transformation Al-Futtaim has acquired a 49.95% stake in Cenomi Retail for a total consideration of SAR 2.52 billion, at SAR 44 per share. As part of the transaction, Al-Futtaim extended a SAR 1.35 billion shareholder l
Slide 11: New Board of Directors to Uphold Governance Excellence
New Board of Directors to Uphold Governance Excellence Chairman of the Board Vice Chairman of the Board Recognized as a “Global Leader for Tomorrow” by the World Economic President of Retail Division at Al-Futtaim Group, where he has driven Hussein Ali Forum. He was the first Gulf businessman select
Slide 12: Financial Overview
i cenomi ed Financial Overview
Slide 13: 9M 2025 Revenue Growth Supported by Saudi Arabia Resiliency and International Portfolio
9M 2025 Revenue Growth Supported by Saudi Arabia Resiliency and International Portfolio Revenue (SAR Million) LFL sales growth (%) +3.8% Q3 2024 Q3 2025 Chg. 9M 2024 9M 2O25 Chg. 3,672 3,537 Group +4.1% +4.3% +0.2pp. -4.1% 0.4% +4.5pp. +7.7% Saudi +4.9% -2.6% -7.6pp. -5.4% -4.3% +1.1pp. 1,123 1,209
Slide 14: Growing Penetration and Strong Growth of Online Channels
Growing Penetration and Strong Growth of Online Channels Online revenue (SAR Million) E-commerce (% of total revenue) +13.9% 292 257 8.0% 8.0% 7.8% +9.7% 96 88 7.3% Q3 24 Q3 25 9M 24 9M 25 Q3 24 Q3 25 9M 24 9M 25 ▪ Online growth reflects the continued success of Cenomi Retail’s digital strategy and
Slide 15: Portfolio Optimization Enabling Solid Revenue per Store
Portfolio Optimization Enabling Solid Revenue per Store Revenue Per Store (Group) Revenue Per Store (KSA) 1,500 1,656 1,554 900 1,318 1,430 1,800 380 1,900 2,323 2,916 3,500 850 1,600 360 3,000 800 1,400 340 2,196 2,255 Number of Number of 1,200 2,500 750 320 1,000 2,000 Stores 300 Stores 700 800 28
Slide 16: Improved Gross Profit Margin in 9M-25 Supported by Cost Efficiencies
Improved Gross Profit Margin in 9M-25 Supported by Cost Efficiencies Gross Profit (SAR Million) Margin 11.3% 10.9% 12.1% 13.6% ▪ Margin improvement in 9M-25 supported by strong +16.3% 499 sales volumes and cost optimization +4.0% 429 ▪ Q3-25 margin saw a slight decline, primarily due to higher promo
Slide 17: EBITDA and Net Profit Mainly Impacted by Non-recurring Expenses
EBITDA and Net Profit Mainly Impacted by Non-recurring Expenses EBITDA (SAR Million) Net Profit (SAR Million) Margin 12.3% -0.8% 9.9% 3.5% Margin 1.7% -10.1% -1.4% -5.6% 138 350 6 -63.0% -733.0% -107.0% 16 -325.4% 51 (10) 131 19 5 130 81 58 8 204 127 -72 (48) -6 (206) (122) Q3 24 Q3 25 9M 24 9M 25 Q
Slide 18: Disciplined Cash Management
Disciplined Cash Management FY 24 9M 25 Total Net Debt / Net Debt to EBITDA (SAR Million ) Total Debt 1,842.6 2,793.8 Net Debt / EBITDA Net Debt 1,586.4 2,640.2 3.4x 11.0x EBITDA LTM 459.9 239.3 (Last 12 Month) 2,640 ▪ Net debt stood at SAR 2.6 billion at the end of 9M 2025, up 66.4% from FY 2024 le
Slide 19: Concluding Remarks
Tq cenomi aed Concluding Remarks
Slide 20: Key Takeaways
Key Takeaways Topline Profitability Financial position Strategy Execution Revenue increased by 3.8% YoY in Ongoing cost optimization Strengthened balance sheet Ongoing transformation across 9M 2025, driven by end-of-season efforts leading to increase in through SAR 1.35bn brands, stores, and geograp
Slide 21: Appendix
Tq cenomi aed Appendix
Slide 22: Income Statement
Income Statement SAR million Q3-24 Q3-25 Change (+/-) 9M-24 9M-25 Change (+/-) Revenue 1,123 1,209 8% 3,536 3,672 4% Cost of revenue (995) (1,077) 8% (3,107) (3,173) 2% Gross profit/(loss) 127 132 4% 429 499 16% Margin 11.3% 10.9% (0.4pp) 12.1% 13.6% 1.5pp Selling and distribution expenses (30) (35)
Slide 23: Balance Sheet
Balance Sheet SAR million 31-Dec-24 30-Sep-25 Change (+/-) SAR million 31-Dec-24 30-Sep-25 Change (+/-) Assets Equity & Liabilities Share Capital 1,148 1,148 0% Property, Plant and Equipment 1,081 1,036 -4% Reserves ( Statutory, Foreign Currency and Fair Value) (617) (601) -3% Right-of-Use Assets 1,
Slide 24: Cenomi Retail at a Glance
Cenomi Retail at a Glance The leading franchise retailer in Saudi Arabia, and the only listed business of its type in the Middle East 778 stores 303 Saudi retail stores Kazakhstan Georgia c. 308K sqm 271 F&B outlets Armenia Azerbaijan Uzbekistan Jordan 204 Egypt 8 countries International KSA stores
Slide 25: KSA Consumer Spending on Rising Trend
KSA Consumer Spending on Rising Trend POS Transactions* - KSA Market (SAR Million) POS Transactions* - KSA Market (SAR Million) +9% +2% +6% +18% 0% -21% 5% +10% 668,185 613,957 Q3-24 Q3-25 +18% 559,135 67,632 64,590 +32% 473,258 357,298 24,697 26,105 179,699 21,309 21,636 165,704 12,610 10,654 4,844
Slide 26: Strategic Sales Measures Drive Revenue Growth and Profitability
Strategic Sales Measures Drive Revenue Growth and Profitability LFL Saudi retail sales growth % LFL International retail sales growth % ▪ Saudi retail LFL declined 2.6% in Q3-25, in a seasonally softer quarter marked by ▪ International LFL grew 18.9% in Q3-25, driven by higher sales volumes during t
Slide 27: Revenue Diversification Efforts Ongoing
Revenue Diversification Efforts Ongoing Revenue by division Revenue by channel Revenue by geography 4% 3% 3% 4% 4% 7% 6% 6% 7% 7% 8% 8% 8% 8% 8% 20% 29% 28% 29% 23% 33% 33% 31% 32% 37% 92% 92% 92% 93% 92% 77% 71% 67% 69% 68% 63% 61% 63% 60% 57% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q
Slide 28: KSA EBITDA Impacted by Tax Liability Settlement
KSA EBITDA Impacted by Tax Liability Settlement EBITDA KSA Retail, SAR MN EBITDA Intl, SAR MN EBITDA F&B, SAR MN EBITDA Margin, % EBITDA Margin, % EBITDA Margin, % 120 15.0% 70 18.0% 10.3% 15.4% 13.8% 15.4% 10.0% 7.6% 10 13.1% 5.7% 100 16.0% 98 5.3% 12.0% 60 10.0% 63 80 81 7.3% 14.0% 5.0% 56 5 60 50
Slide 29: Business Model Adapting to Consumer Trends
Business Model Adapting to Consumer Trends Moving forward, Cenomi Retail will need to cater to new consumer trends Scale digital channels Increasing digital / & reinvent role of e-commerce adoption with significant implications for the future of the industry. stores Shift towards Re-mix portfolio to
Slide 30: Investor Relations Contact
Investor Relations Contact Sarah Moussa Director of Investor Relations IR.retail@cenomi.com
Slide 31: Thank You
cenomi THANK YOU