Seera Holding Group · TADAWUL:1810
Seera — HSBC 2026 Annual MENA Investor Conference
64 slides from Seera's conference presentation, Jun 9, 2026
Slide 1: Investor Presentation
Investor Presentation HSBC 2026 Annual MENA Investor Conference 8th–9th June, 2026 Seera Investor Presentation | Q1 2026 1
Slide 2: Contents
Contents Seera Group: Strategy & Financials 03 Almosafer: Business Updates 08 Other Business Segment Updates 30 Appendix 43 Seera Investor Presentation | Q1 2026 2
Slide 3: Seera Group: Strategy & Financials
Seera Group: Strategy & Financials Seera Investor Presentation | Q1 2026 3
Slide 4: Strategy Pillars
A future focused on portfolio monetization and shareholder returns Strategy Pillars 2024+ Operate as an engaged investor and steward of companies, governing 2019-2023 with strong influence and • Successful expertise • Monetizing portfolio restructuring of assets through various portfolio avenues Bui
Slide 5: Seera Group continues to unlock value for shareholders from its unique portfolio
Seera Group continues to unlock value for shareholders from its unique portfolio Segments UK-based Travel Travel Platform Car Rental Hospitality Investments Investment Non-strategic, Strategic / Non- Portfolio relevance Strategic, Core Strategic, Core Strategic, Non-core Non-core strategic, Non-core
Slide 6: Strategy execution update: executing our announced strategy, unlocking value and returning it to shareholders
Strategy execution update: executing our announced strategy, unlocking value and returning it to shareholders through our approved capital allocation framework Capital Allocation Framework Unlocking Value Initiatives In line with the announced strategy, surface and crystallize the value Optimizing c
Slide 7: Scale effects and efficiency gains drove EBITDA and net profit growth
Scale effects and efficiency gains drove EBITDA and net profit growth Net Booking Value 1Q 2026 NBV composition (%) Revenue 1Q 2026 Key Q1 2026 Highlights Hospitality 1.3% Other 1.0% 3,841 1,089 Car Rental • 8% NBV growth, driven by strong 9.5% performance in Almosafer and ¥ Mn Travel ¥ Mn Portman.
Slide 8: Almosafer: Business Updates
Almosafer: Business Updates Seera Investor Presentation | Q1 2026 8
Slide 9: Almosafer Travel Platform
Almosafer Travel Platform Seera Earnings Presentation | 14/05/2026 9
Slide 10: Almosafer is a fully-fledged travel platform matching travel supply and demand in the region
Almosafer is a fully-fledged travel platform matching travel supply and demand in the region Non-exhaustive SUPPLY DEMAND Regional and Global Reach #1 B2C & B2B Travel Community in the Region A partner of choice for 18 Present in KSA, UAE, Kuwait and others 1.7M+ Active Customers largest regional ca
Slide 11: The travel platform is built on an asset-light and scalable business model
The travel platform is built on an asset-light and scalable business model serving tourist flows to, from and within Saudi Arabia ! " #$ % & # # Destination Mgmt. & Consumer Travel Business Travel Hajj & Umrah Special Projects B2C | Leisure & Religious | Outbound & B2B | Business | B2B | Religious |
Slide 12: Strong operating leverage demonstrated by the platform as adjusted EBITDA growth outpaces NBV
Strong operating leverage demonstrated by the platform as adjusted EBITDA growth outpaces NBV Net Booking Value (¥ Mn) 1Q 2026 Revenue (¥ Mn) 1Q 2026 Gross Profit (¥ Mn) 1Q 2026 +19% 12.8% 11.9% 10.1% 9.1% 9.1% 7.9% 1,886 1,726 +2% 1,591 -6% 203 206 145 157 148 190 66% 67% 69% 31% 34% 33% 1Q 24 1Q 2
Slide 13: Scale of Consumer Travel supports B2B segments catering to the wider Saudi travel ecosystem
Scale of Consumer Travel supports B2B segments catering to the wider Saudi travel ecosystem Total Flight Segments (Th) 1Q 2026 Total Room Nights (Th) 1Q 2026 2,022 +29% 676 +26% 613 1,671 1,573 537 73% 88% 82% 89% 89% 87% 8% 2% 6% 2% 3% 6% 3% 1% 3% 4% 4% 13% 6% 7% 7% 6% 8% 2% 1Q 24 1Q 25 1Q 26 1Q 24
Slide 14: Consumer Travel
Consumer Travel Seera Investor Presentation | 1Q 2026 14
Slide 15: Consumer Travel continues to deliver double-digit growth, underpinned by a mobile-first platform
Consumer Travel continues to deliver double-digit growth, underpinned by a mobile-first platform and leveraging KSA scale to expand across the GCC NBV (¥ Mn) 1Q 2026 NBV Mix, by Channel 1Q 2026 Revenue (¥ Mn) 1Q 2026 64.9% 76.5% Almosafer Almosafer NBV Retail - Revenue Whatsapp, 2% Retail, 13% +20%
Slide 16: Consumer Travel demonstrated booking resilience via significant growth in domestic flight segments
In 1Q 2026, Consumer Travel demonstrated booking resilience via significant growth in domestic flight segments and room nights amid regional headwinds Flight Segments (Th) 1Q 2026 Room Night (Th) 1Q 2026 +5% +27% 1,789 500 491 468 1,481 1,404 58% 60% 71% 62% 64% 73% 42% 38% 36% 40% 27% 29% 1Q 24 1Q
Slide 17: Consumer Travel is scaling traffic and customer acquisition efficiently
Consumer Travel is scaling traffic and customer acquisition efficiently while driving retention and organic sales Number of Searches* (Mn) 1Q 2026 Customer Acq. Cost (SAR) 1Q 2026 Number of App Downloads (Mn) 1Q 2026 54.3 48.0 5.0 42.8 37.0 3.1 30.1 23.0 2.2 1Q 24 1Q 25 1Q 26 1Q 24 1Q 25 1Q 26 2023
Slide 18: Hajj & Umrah
Hajj & Umrah Seera Investor Presentation | 1Q 2026 18
Slide 19: Hajj & Umrah delivered strong turnaround in 1Q 2026
Hajj & Umrah delivered strong turnaround in 1Q 2026, driven by air and non-air NBV growth; the revenue decline reflects principal-agent accounting shift NBV (¥ Mn) 1Q 2026 Revenue (¥ Mn) 1Q 2026 8.1% 6.9% Almosafer Almosafer NBV Revenue 28.8% 33.8% 11.9% +19% 129 109 -51% 31 65% 74% 16 15 48 55% 35%
Slide 20: Strong reversal in Hajj & Umrah’s room nights and pilgrim performance
Strong reversal in Hajj & Umrah’s room nights and pilgrim performance enabled by the scaling of digital channels for international B2B agents Flight Segments (Th) 1Q 2026 Number of Pilgrims (Th) 1Q 2026 Number of Visas Issued (Th) 1Q 2026 +47% +37% 37 +214% 62 25 16 45 14 18 20 5 1Q 24 1Q 25 1Q 26 1
Slide 21: Business Travel
! " #$ % & # # Business Travel Seera Investor Presentation | 1Q 2026 21
Slide 22: Business Travel’s performance in 1Q 2026 remains stable
Business Travel’s performance in 1Q 2026 remains stable, with non-air NBV expanding significantly over the period NBV (¥ Mn) 1Q 2026 8.8% Revenue (¥ Mn) 1Q 2026 11.8% Almosafer Almosafer NBV Revenue +1% 13.4% 14.2% 13.6% 164 165 158 +3% 22 22 22 42% 60% 76% 58% 40% 24% 1Q 24 1Q 25 1Q 26 1Q 24 1Q 25
Slide 23: Business Travel’s priority remains on maintaining efficiency in operations and working capital
Business Travel’s priority remains on maintaining efficiency in operations and working capital Flight Segments (Th) 1Q 2026 % Transactions from Digital Portal 1Q 2026 Days Sales Outstanding 1Q 2026 -15% 105 47 37 32.0% 31 78% 75% 68% 25% 22% 32% 24.5% 23.6% 1Q 24 1Q 25 1Q 26 Improved from 124 in 1Q
Slide 24: Destination Management & Special Projects
Destination Management & Special Projects Seera Investor Presentation | 1Q 2026 24
Slide 25: Destination Management and Special Projects NBV growth driven by distribution partner activity
Destination Management and Special Projects NBV growth is driven by distribution partner activity as revenue adjusts to standard take-rates NBV (¥ Mn) 1Q 2026 7.9% Revenue (¥ Mn) 1Q 2026 15.1% Flight Segments (Th) 1Q 2026 Almosafer Almosafer NBV Revenue +61% 140 +32% 124 31.8% 27.1% 19.3% 87 149 129
Slide 26: Technology & AI
Technology & AI Seera Investor Presentation | 1Q 2026 26
Slide 27: Strategically investing in AI innovation to drive platform growth and efficiencies
Strategically investing in AI innovation to drive platform growth and efficiencies 1Q 2026 1Q 2026 AI Proof of Concepts (POCs) Live Solutions 100+ 50+ Under review and Operational and tracked in development business AI Priorities Co-Authored Code 1Q 2026 AI-Generated Content 1Q 2026 • • Enhance cust
Slide 28: Examples of AI Initiatives (1 of 2)
Examples of AI Initiatives (1 of 2) Example 1: ChatGPT App Launched a ChatGPT app adding AI-powered conversational travel planning. Seera Investor Presentation | 1Q 2026 28
Slide 29: Examples of AI Initiatives (2 of 2)
Examples of AI Initiatives (2 of 2) Example 2: Conversational Search Establish natural language AI Filters for a seamless "Search-to-Book" journey. Seera Investor Presentation | 1Q 2026 29
Slide 30: Other Business Segment Updates
Other Business Segment Updates Seera Investor Presentation | Q1 2026 30
Slide 31: Lumi Rental
Lumi Rental Seera Investor Presentation | Q1 2026
Slide 32: Car Rental: gross margin gains mitigated opex pressures
Car Rental: gross margin gains mitigated opex pressures Revenue (¥ Mn) 1Q 2026 Gross profit (¥ Mn) 1Q 2026 -11% -5% 412 121 114 366 1Q 25 1Q 26 1Q 25 1Q 26 • Lumi Rental Company is a leading car rental Operating expenses (¥ Mn) 1Q 2026 EBITDA (¥ Mn) 1Q 2026 and lease provider in the Kingdom of Saudi
Slide 33: Car Rental: fleet stabilizes following expansion phase
Car Rental: fleet stabilizes following expansion phase Revenue (¥ Mn) 1Q 2026 Fleet size (th vehicles) 1Q 2026 -11% -3% 412 35 34 366 167 176 24 23 126 113 119 11 11 77 • The Kingdom's top vehicle rental and leasing business 1Q 25 1Q 26 1Q 25 1Q 26 Used Car Sales Rental Lease Rental Lease Cash flow,
Slide 34: Portman Travel
Portman Travel Seera Investor Presentation | Q1 2026
Slide 35: Portman Travel Group operates three specialist business lines
Portman Travel Group operates three specialist business lines: business travel, sports travel and luxury leisure travel Business Travel Sports Travel Luxury Leisure Travel Blending innovative tech with human Sets the global standard in sports Multi-award-winning, pioneering expertise. Getting people
Slide 36: Portman Travel Group at a Glance
Portman Travel Group at a Glance 3 Divisions & SAR 1.9bn 1300 15 Brands Turnover Employees (FY25) 203,000 room nights; 29,000 >100 Global presence flights & professional across Europe, 212,000 rail sports clubs & USA, Caribbean, bookings per organisations Oceania & Asia month Seera Investor Presenta
Slide 37: Portman’s growth reflects both increased business scale and strategic acquisitions
Portman’s growth reflects both the increased business scale and strategic acquisitions in business and sports travel § NBV growth reflects both the NBV (¥ Mn) Revenue (¥ Mn) Gross Profit (¥ Mn) increased business scale and 11.1% 11.2% 9.9% acquisitions of Agiito and Mike Burton Sports. +28% CAGR 579
Slide 38: Integration synergies began to materialize in Q1 2026
Integration synergies began to materialize in Q1 2026 Net booking value (¥ Mn) 1Q 2026 Revenue (¥ Mn) 1Q 2026 EBITDA (¥ Mn) 1Q 2026 +12% +13% 1,500 479 +172% 34 1,334 424 13 1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26 Operating expense (¥ Mn) 1Q 2026 Gross profit (¥ Mn) 1Q 2026 Adj. EBITDA (¥ Mn) 1Q 2026 +1
Slide 39: Portman Travel Group: Segments showing operating gains
Portman Travel Group: Segments showing operating gains 1.0mn Number -14% of business trips managed vs 1Q 2025 ¥ 100k Average Order Value +10% vs 1Q 2025 25.1K Number of travelers +35% vs 1Q 2025 90% % online booking rate +4 pp vs 1Q 2025 1.8k Number of trips +1% vs 1Q 2025 822 Number of Events Deliv
Slide 40: Hospitality
Hospitality Seera Investor Presentation | Q1 2026
Slide 41: Hospitality: regional tensions impacted hotel bookings
Hospitality: regional tensions impacted hotel bookings Revenue (¥ Mn) 1Q 2026 Gross profit (¥ Mn) 1Q 2026 -15% -17% 61 37 51 31 1Q 25 1Q 26 1Q 25 1Q 26 • Seven hotels, including Sheraton Jabal Al Kaaba (Makkah), three unbranded Makkah Operating expenses (¥ Mn) 1Q 2026 EBITDA (¥ Mn) 1Q 2026 propertie
Slide 42: Hospitality: softer demand weighed on business performance metrics
Hospitality: softer demand weighed on business performance metrics Q1 2026 Room Nights 58.9k -16% Sold vs Q1 2025 Operational 2,055 -10% Room Keys vs Q1 2025 Revenue Per ¥ 450 +3% Available Room vs Q1 2025 Occupancy 79% +1 ppts vs Q1 2025 Average ¥ 567 +2% Daily Rate vs Q1 2025 Seera Investor Presen
Slide 43: Appendix
Appendix Seera Investor Presentation | Q1 2026 43
Slide 44: Group Financials
Group Financials Q1 2026 Seera Investor Presentation | Q1 2026
Slide 45: Robust bookings translate into earnings growth despite softer take rates
Robust bookings translate into earnings growth despite softer take rates Net Booking Value (¥ Mn) 1Q 2026 Revenue (¥ Mn) 1Q 2026 +8% -1% 3,841 1,104 1,089 3,551 1Q 25 1Q 26 1Q 25 1Q 26 Adj. EBITDA (¥ Mn) * 1Q 2026 Adjusted net profit (¥ Mn) * 1Q 2026 +7% +70% 234 252 42 25 1Q 25 1Q 26 1Q 25 1Q 26 *
Slide 46: Strong liquidity and modest leverage reinforce financial resilience
Strong liquidity and modest leverage reinforce financial resilience Net Debt / Equity (x) 1Q 2026 Free cash flow (¥ Mn) 1Q 2026 0.19 0.18 0.17 0.16 0.15 (127) 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 (236) 1Q 25 1Q 26 Borrowings composition by maturity (%) Cash & Cash Equivalents Movement (¥ Mn) 1Q 2026 51.0%
Slide 47: P&L performance reflects efficiency gains in key business segments
P&L performance reflects efficiency gains in key business segments ¥ Mn Q1 2026 Q1 2025 YoY % Change FY 2025 FY 2024 YoY % Change Net booking value 3,841 3,551 +8% 16,763 14,667 +14% Revenue 1,089 1,104 -1% 4,716 4,091 +15% Cost of revenue (626) (632) -1% (2,906) (2,339) +24% Gross profit 462 472 -2
Slide 48: Strong balance sheet and prudent borrowing policy ensure robust financial position
Strong balance sheet and prudent borrowing policy ensure robust financial position ¥ Mn Q1 2026 4Q 2025 QoQ % Change Property, plant & equipment 4,930 5,053 -2% Assets under construction and development 52 56 -8% Investments 429 1,008 -57% Trade & other receivables 1,753 1,673 +5% Other 3,814 3,393
Slide 49: Seasonally weak OCF in first quarter was mitigated by investments and asset disposal proceeds
Seasonally weak OCF in first quarter was mitigated by investments and asset disposal proceeds ¥ Mn Q1 2026 Q1 2025 YoY % Change Profit for the period 54 53 +2% Depreciation 134 133 +0% Net book value of vehicles disposed 76 116 -35% Net finance cost 27 34 -21% Other 17 35 -51% Operating CF before wo
Slide 50: Portman and Almosafer support NBV with flat revenue pressured by lower take rates
Portman and Almosafer support NBV with flat revenue pressured by lower take rates Net Booking Value Movement YoY (¥ Mn) 1Q 2026 Revenue Movement YoY (¥ Mn) 1Q 2026 +8% -1% 3,551 160 166 18 3,841 1,104 55 1,089 (45) (9) (15) (45) (9) (1) +9% +12% -11% -15% +99% -8% +13% -11% -15% n/m r 25 26 y v. rm
Slide 51: Portman integration gains drive group margin improvement
Portman integration gains drive group margin improvement Gross Profit Movement YoY (¥ Mn) 1Q 2026 EBITDA Movement YoY (¥ Mn) 1Q 2026 -2% +2% 472 19 462 247 22 5 6 252 (9) (7) (6) (7) (16) (11) +12% -6% -5% -17% n/m +172% -47% -6% +21% -41% 26 v. r 25 rm l DA r 25 26 y v. rm l ta e ta e In lit In th
Slide 52: Portman Travel Group
Portman Travel Group Seera Investor Presentation | Q1 2026
Slide 53: Our Journey So Far
Our Journey So Far Acquired strategic stake in Barmy Army Created Inspiresport Acquired Created Incorporation Acquired and R66T Portman Amaze acquired Tour Acquired Clarity Created of Inspiresport Sportive Academy Acquired Travel DMC Time Group Elegant Sports SportsBreaks LLC in USA Breaks 2022 Spor
Slide 54: Business Travel
Business Travel Seera Investor Presentation | Q1 2026 54
Slide 55: Transient and M&E; Integration; Market Consolidation
Transient and ClarityGo & M&E MeetingsPro Integration Market Synergies Consolidation being seen in 2026
Slide 56: Portman Travel Group: Business travel
Portman Travel Group: Business travel 1.0mn Number of business trips managed -14% vs Q1 2025 Net Booking Value and Revenue (Mn) +44.7% 3,883 3,944 6th largest TMC in UK Flat from Q1 2025 1,301 2,056 • • Best in class in-House software All Clarity Customers migrated in Agiito 84 138 399 391 completed
Slide 57: Sports Travel
Sports Travel Seera Investor Presentation | Q1 2026 57
Slide 58: Organic Start, Higher Margin, Professional Clubs
Organic Higher Professional Start Margin Clubs Worldwide Huge range Exclusive DMC of Sports Partnerships
Slide 59: Portman Travel Group: Sports travel
Portman Travel Group: Sports travel Net Booking Value and Revenue (Mn) International growth 1,441 • Services provided in 114 countries from 9 25.1K Number of travelers +35% vs Q1 2025 749 562 888 548 1,022 global offices 358 200 • 114 employees out of 385 work internationally including 50 in the US
Slide 60: Luxury Leisure Travel
Luxury Leisure Travel Seera Investor Presentation | Q1 2026 60
Slide 61: Ultra Personalised
Top 3% Ultra 86% Repeat UHNW Personalised Database Rate Top Hotel Brand Growth £1m Supplier Relation- Opportunities Revenue ships
Slide 62: Portman Travel Group: Luxury leisure travel
Portman Travel Group: Luxury leisure travel Revenue (Mn) ¥ 100k Average Order Value +10% vs 1Q 2025 +8.7% 425 495 500 385 412 Revenue Number of trips 1.8k +1% vs 1Q 2025 0 2022 2023 2024 2025 Retention Rate 60% +2 pp vs 1Q 2025 Growth in revenues related 9% 4-year revenue CAGR post COVID -26% to the
Slide 63: Seera Investor Relations
Seera Investor Relations investors@seera.sa Seera Investor Presentation | Q1 2026
Slide 64: Disclaimer
Disclaimer All information included in this document is for general use only and has not been independently verified, nor does it constitute or form part of any invitation or inducement to engage in any investment activity, nor does it constitute an offer or invitation or recommendation to buy or su
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