Slide 1: Investor Presentation FY 2025
INVESTOR PRESENTATION FY 2025 Bawan © 2026 All Rights Reserved
Slide 2: Contents
Contents 03 Disclaimer 04 Who We Are 16 Key Highlights 19 Macro Overview 24 Financial Perspective
Slide 3: Disclaimer
Disclaimer This presentation has been prepared solely for use as the earnings presentation of Bawan Company (or “The Group”). 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 4: Who We Are
Who We Are
Slide 5: About Us
About Us With 45 years of global leadership in the industrial sector, we have been a pioneer in Saudi Arabia since our establishment in 1980. The company is dedicated to excellence across diverse industrial domains, including metal, wood, electrical, and plastic industries, with a strong emphasis on
Slide 6: Our Operations
Our Operations We operate in 5 sectors * During the year 2024, the company signed an SPA to acquire the entire Equity shares of Petronash Holding Limited. Acquisition was completed during 2025. 6 INVESTOR PRESENTATION, FY 2025
Slide 7: Our Operations
Our Operations Metal Sector Wood Sector Electric Sector Bawan Metal Industries, a wholly owned subsidiary of Bawan The Bawan Wood division encompasses several companies, Bawan is a leader in the electrical industries sector, with a Group, is a prominent player in the competitive metal industry in in
Slide 8: Our Operations (Continued)
Our Operations (Continued) Plastic Sector Oil & Gas The plastic sector is managed through Arnon Plastic Industries Company, a 100% subsidiary of Petronash is one of the key players in engineered oil and gas solutions market, operating for over Bawan Group headquartered in Dammam. Arnon operates six
Slide 9: Chairman's message
Our Board of Directors Management "Building on Solid Foundations" is not a tagline, it is how Bawan operates. Over decades, Bawan has been tested by commodity shocks, supply chain disruptions and global economic volatility. Each time, we emerged with stronger margins, a broader portfolio and deeper
Slide 10: Our Board of Directors Management
Our Board of Directors Management Mr. Raed bin Ibrahim Al Mudaiheem Mr. Khaled bin Abdulrahman Al Qoaiz Mr. Abdulkareem Ibrahim Al Nafie Mr. Mohammad bin Abdulaziz Al-Ageel Mr. Zeyad bin Abdul Latif Al-Barak Vice Chairman of the Board Board Member Board Member Board Member Chief Executive Officer Mr
Slide 11: Group Structure
Group Structure* 11 INVESTOR PRESENTATION, FY 2025
Slide 12: Our Clients
Our Clients Our Major Clients Expect High Standards 12 INVESTOR PRESENTATION, FY 2025
Slide 13: Our Major Alliances and Partners
Our Major Alliances and Partners Al Fozan Holding Company Al Muhaidib Group Al Fozan Holding Company was established in 1959 by the founders Abdullatif bin Ahmed Al Fozan Al Muhaidib Group "AMG" is one of the largest conglomerates in the Kingdom of Saudi Arabia, and his brother Mohammed bin Ahmed Al
Slide 14: Vision & Mission
Vision & Mission Vision Mission To enhance Bawan’s customers loyalty by providing Bawan strives to become the leading group in the market-leading and innovative products and services, Kingdom of Saudi Arabia and the Middle East in the through its existing sectors and new sectors in the capital goods
Slide 15: Business Case
Business Case 15 INVESTOR PRESENTATION, FY 2025
Slide 16: Key Highlights
Key Highlights
Slide 17: Key Highlights (Continued)
Key Highlights (Continued) FY 2025 FY 2024 Q4 2025 Q3 2025 Q4 2024 FY 25 VS FY 24 Q4 25 VS Q4 24 Q4 25 VS Q3 25 Revenue 4,070 3,020 1,104 1,089 821 35% 34% 1% Operating Income - Reported 236 155 * (21) 87 51 52% -141% -124% Operating Income – Effective * 357 155 * 100 87 51 130% 96% 15% Net Income 2
Slide 18: Key Highlights
Key Highlights FY 2025 Q3 2025 FY 2024 Q3 25 VS Q2 25 Q3 25 VS Dec 24 Interest bearing Net debt 1,222 1,179 462 4% 165% Equity 1,127 1,001 961 13% 17% Total asset 3,810 3,573 2,598 7% 47% Leverage 2.38 2.57 1.70 -7% 40% Current ratio 1.37 1.39 1.74 -1% -21% Operating cash flow ** 469 332 233 41% 101
Slide 19: Macro Overview
Macro Overview
Slide 20: Saudi Arabia Outlook
Saudi Arabia Outlook 01 Saudi Arabia’s real gross domestic product (GDP) 03 Consumer spending in Saudi Arabia increased 11% grew 4.9% year-on-year (YoY) in Q4 2025 FY 2025 comparing to FY 2024 02 Bank loans to public, private sectors up 15% 04 Saudi inflation eases from 2.1% Q4 2025 to 1.7% to SAR 3
Slide 21: Macro Overview: Inflation and Brent Oil Price
Macro Overview Inflation Brent Oil Price The inflation rate in Saudi Arabia declines 11% in Q4 2025 Brent oil prices increased 69% in March 30 2026 compared compared to Q4 2024. to Q4 2025 due to the current geopolitical situation. Inflation KSA Brent Oil Price $120.00 $112.78 2.5% 2.3% 2.2% 2.1% $1
Slide 22: Macro Overview: Tadawul Index and Consumer Spending
Macro Overview Tadawul Index Consumer Spending The Tadawul All Share Index (TASI) trend lower as Q4 2025 Consumer spending in Saudi Arabia increased 11% FY 2025 decreased 13% compared to same period last year. comparing to FY 2024. Tadawul Index Consumer Spending 1,600 1,569 Q4 2025 10,491 1,550 Q3
Slide 23: Bawan Market Performance
Macro Overview Bawan Market Performance TASI Bawan Sector 180 Key Metrics * annualized Dec 31 2025 160 Bawan 140 Market Cap SAR 3.02 B 120 100 Shares Outstanding 60m 80 60 Price/earning 13.83 40 20 Price / book value 2.77 - Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2025 23 I
Slide 24: Financial Perspective
Financial Perspective
Slide 25: Liquidity
Liquidity Assets Liabilities 4,500 3,000 4,000 2,500 3,500 827 1,263 810 3,000 1,126 2,000 2,500 737 1,500 2,000 566 1,500 1,000 1,763 1,856 2,448 2,548 1,000 1,861 500 1,070 500 - - Dec, 31 2024 Sept, 30 2025 Dec, 31 2025 Dec, 31 2024 Sept, 30 2025 Dec, 31 2025 Current assets Non-current assets Cur
Slide 26: Segment Revenue
Segment Revenue Metal & Wood Electric 2,500 1,000 854 1,995 2,000 1,809 800 647 1,500 600 1,000 400 241 460 422 542 199 180 500 200 - - FY 2025 FY 2024 Q4-25 Q3-25 Q4-24 FY 2025 FY 2024 Q4-25 Q3-25 Q4-24 Plastic Petronash 500 1,200 1,002 404 378 400 1,000 800 300 600 200 347 322 98 103 99 400 100 20
Slide 27: Segment Profit
Segment Profit Metal & Wood Profit Electric Profit 60 56 80 50 62 36 60 52 40 30 24 40 20 16 15 7 20 10 3 5 - - FY 2025 FY 2024 Q4-25 Q3-25 Q4-24 FY 2025 FY 2024 Q4-25 Q3-25 Q4-24 Plastic Profit Petronash Profit 30 200 23 24 159 25 150 20 15 100 81 10 8 7 42 50 5 1 - - FY 2025 FY 2024 Q4-25 Q3-25 Q4
Slide 28: Bawan Returns Annualized
Bawan Returns Annualized ROA ROE 8.0% 25.0% 21.3% 5.9% 20.0% 6.0% 14.2% 4.5% 15.0% 3.9% 11.5% 4.0% 10.0% 2.0% 5.0% 0.0% 0.0% Dec 31, 2024 Sept 30, 2025 Dec 31, 2025 Dec 31, 2024 Sept 30, 2025 Dec 31, 2025 ROCE EPS 12.0% 10.9% 4.00 3.64 9.7% 10.0% 8.4% 3.00 2.34 8.0% 2.18 6.0% 2.00 4.0% 1.00 2.0% 0.0
Slide 29: Liquidity & Leverage
Liquidity & Leverage Current Ratio Leverage 3.00 2.00 1.80 1.74 2.57 2.50 2.38 1.60 1.39 1.37 1.40 2.00 1.70 1.20 1.00 1.50 0.80 1.00 0.60 0.40 0.50 0.20 - - Dec 31, 2024 Sept 30, 2025 Dec 31, 2025 Dec 31, 2024 Sept 30, 2025 Dec 31, 2025 29 INVESTOR PRESENTATION, FY 2025
Slide 30: Backlog and Capacity utilization
Backlog and Capacity utilization December 31, 2025 Backlog SR in millions Oil & Gas 1,668M Electric 436M Wood 150 M Total 2,254M Metal and Plastic operate on an ad hoc order basis given their business model and do not maintain a contract backlog. 30 INVESTOR PRESENTATION, FY 2025
Slide 31: Debt Structure
Debt Structure Short term debt Long term debt Total debt Dec, 31 2024 352,407 Dec, 31 2024 534,364 Dec, 31 2024 886,771 125% -5% 47% Sept, 30 2025 792,404 Sept, 30 2025 507,619 Sept, 30 2025 1,300,023 Dec, 31 2025 781,332 -1% Dec, 31 2025 523,773 3% Dec, 31 2025 1,305,105 0% 31 INVESTOR PRESENTATION
Slide 32: Proficiency Ratios
Proficiency Ratios 14.00 DIO DRO 12.00 FY 2025 FY 2025 10.00 FY 2024 FY 2024 6.71 85 90 95 100 105 110 115 0 20 40 60 80 100 8.00 4.77 6.00 3.82 4.00 DPO Cash Conversion Cycle 5.78 5.22 2.00 3.30 FY 2025 FY 2025 - FY 2024 FY 2024 Inventory Turnover Accounts Receivables Accounts Payable ratio Turnove
Slide 33: Clarification on Q4 2025 Reported Financial Results
Clarification on Q4 2025 Reported Financial Results Impact of Purchase Price Allocation on Reported Operating Performance
Slide 34: Executive Summary
EXECUTIVE SUMMARY What Happened The Purchase Price Allocation (PPA) for the Petronash acquisition was finalized in Q4 2025. The full-year depreciation and amortization of SAR 121.4 million was recognized entirely in Q4, creating a one-time concentration of non-cash charges that distorted the quarter
Slide 35: How PPA Impacted Q4 Results
HOW PPA IMPACTED Q4 RESULTS 1 ACQUISITION 2 PPA FINALIZED 3 Q4 IMPACT 13 Feb 2025 Q4 2025 SAR 121.4M Petronash consolidated into Bawan Intangible assets identified: order Full-year catch-up Depreciation and Group. IFRS 3 requires PPA within 12 backlog, customer relationships, trade Amortization (D&A
Slide 36: Q4 2025: Effective vs Reported Operating Profit
Q4 2025: EFFECTIVE vs REPORTED OPERATING PROFIT SAR Million 120 SAR 100M 100 80 60 (SAR 121.4M) 40 SAR 99M in COGS SAR 22M in OpEx (G&A) 20 0 Effective (SAR 21M) Operating Profit Total PPA Reported D&A Operating Profit Bawan Company | TADAWUL: 1302
Slide 37: Quarterly Performance 2025 – Operating Profit
QUARTERLY PERFORMANCE 2025 – OPERATING PROFIT Operating Profits Increase Decrease Total 100 87 SR in millions (121) (21) 106 64 Q1-2025 Q2-2025 Q3-2025 Q4-2025 - Effective PPA D&A Q4-2025 - Reported Bawan Company | TADAWUL: 1302
Slide 38: Q4 2025: Gross Profit — Reported vs Effective
Q4 2025: GROSS PROFIT — REPORTED vs EFFECTIVE Effective GROSS PROFIT REPORTED GROSS PROFIT SAR 195.6M –99M SAR 96.4M Before PPA depreciation & amortization After SAR 99M PPA amortization in COGS PPA D&A in COGS Reflects actual commercial margins Entirely non-cash accounting and operational pricing d
Slide 39: Group Gross Profit Margin — Strategic Improvement
GROUP GROSS PROFIT MARGIN — STRATEGIC IMPROVEMENT 20 Key Drivers 16 % Strategic product mix shift Higher contribution from high-margin 15 14 % products across sectors 11 % Petronash consolidation Oil & gas sector brings structurally 10 higher margins New electrical products Increased volumes and hig
Slide 40: FY 2025 EBITDA Performance — The Real Story
FY 2025 EBITDA PERFORMANCE — THE REAL STORY FY 2024 FY 2025 SAR 228M +97% SAR 449M Group EBITDA Group EBITDA (excl. bargain purchase gain) EBITDA Growth by Sector (FY 2025) Oil & Gas Electrical Plastics Metal & Wood SAR 232M +SAR 17M +SAR 6M –SAR 23M From 13 Feb 2025 YoY increase YoY increase YoY de
Slide 41: Key Takeaways
KEY TAKEAWAYS Q4 Impact is Non-Recurring 1 The SAR 121.4M PPA catch-up is cumulative impact for FY 2025 representing concentration of non-cash charges. It does not reflect operational deterioration. Effective Performance is Satisfactory 2 Q4 effective operating profit of ~SAR 100M is consistent with
Slide 42: Financial Statements
Financial Statements
Slide 43: Statement of Income
Statement of Income Full year 3 Months Dec 31, 2024 Dec 31, 2025 Q4 2024 Q3 2025 Q4 2025 SR'000 SR'000 Revenue 3,020,204 4,069,650 821,170 1,088,978 1,104,351 Cost of sales (2,686,308) (3,515,307) (712,863) (920,536) (1,007,950) Gross profit 333,896 554,343 108,307 168,442 96,401 Selling and distrib
Slide 44: Balance Sheet
Balance Sheet Dec 31, 2024 Sept 30, 2025 Dec 31, 2025 SR'000 SR'000 SR'000 Property, plant and equipment 701,532 765,088 800,653 Right-of-use assets 23,288 67,549 72,633 Goodwill and other intangible assets 10,113 241,620 325,932 Other non-current assets 1,634 51,296 63,555 Total non-current assets
Slide 45: Summarized Cash Flows
Summarized Cash Flows Dec 31, 2024 Dec 31, 2025 SR'000 SR'000 Operating Cash flow* 233,331 469,144 Investing cash flows (106,836) (301,895) Financing cash flows 365,201 (197,715) Cash and cash equivalents 30,543 82,936 * before working capital changes 45 INVESTOR PRESENTATION, FY 2025
Slide 46: Thank You!
Thank You! Bawan © 2026 All Rights Reserved