Arabian Centres Co. · TADAWUL:4321
Arabian Centres — Cenomi Centers — Q1 2026 Earnings Presentation
33 slides from Arabian Centres's earnings presentation, Mar 31, 2026
Slide 1: Cenomi Centers Earnings Presentation
Cenomi Centers Earnings Presentation For the period ended 31 March 2026 1
Slide 2: Disclaimer
Disclaimer The information, statements and opinions contained in this Presentation do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such sec
Slide 3: Table of Contents
Table of Contents 1: Q1-2026 Highlights 4 2: Development / Project Updates 7 3: Operating Update 12 4: Financial Update 15 5: Guidance 23 6: Appendix 27 3
Slide 4: Q1-2026 Highlights
-2026 Highlights = ~Q1 Q1-2026
Slide 5: Strong core portfolio performance with operating momentum
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Strong core portfolio performance with operating momentum SAR SAR SAR 582.5m 374.3m 203.3m 92.4% Revenues EBITDA Net Profit LFL1 Occupancy ▲ 4.9% YoY Q1-25 (LfL) ▲ 7.2% YoY Q1-25 (Post one-offs) ▼ 1.4%
Slide 6: With strong growth trends in the Kingdom's retail market
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update 2025 Guidance Appendix With strong growth trends in the Kingdom’s retail market KSA is forecasted to outperform the Growth of POS transactions in the With scope for major cities within the GCC average, with retail sales
Slide 7: Development/Project Updates
Development/Project Updates 7
Slide 8: Building the future of retail with scalable growth and long-term value creation
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Building the future of retail with scalable growth and long-term value creation 3 Flagship Destinations 6 Development projects GLA …..…. 104K sqm GLA …..…. 220K sqm GLA …..…. 110K sqm Stores ….. 300+ S
Slide 9: Westfield Riyadh and Jeddah progressing to next phase following structural completion
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Westfield Riyadh and Jeddah progressing to next phase following structural completion Westfield Riyadh Westfield Jeddah Pre-leasing¹ close to 92% Pre-leasing¹ 96% 220,000 sqm GLA 65% High-income & 95%
Slide 10: Westfield Riyadh: The number one mall in Riyadh
Westfield Riyadh: The number one mall in Riyadh 10
Slide 11: Westfield Jeddah: The number one mall in Jeddah
Westfield Jeddah: The number one mall in Jeddah 11
Slide 12: Operating Update
Bi T< : t= | “Si. Beg e+ |) Gperatifig! Update: cendmi Q1-2026 oan
Slide 13: Strong operating momentum
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Strong operating momentum Rising footfall, resilient occupancy, and strong leasing activity continue to support revenue stability Footfall Progression | m GLA Progression vs. Occupancy Rates 94.4% 94.2
Slide 14: Leasing fundamentals remain solid
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Leasing fundamentals remain solid Strong renewals and rising rents, with well-managed expiries supporting revenue visibility. Number of Leases Renewed¹ Year of Expiration - % of GLA Rental Revenues 2,4
Slide 15: Financial Update
Financial Update ) Q1-2026
Slide 16: Resilient top-line performance supported by strong underlying growth
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Resilient top-line performance supported by strong underlying growth Revenue Breakdown | SAR m Revenue Bridge | SAR m 591 (36) +4.9% 27 582 2,344 2,254 2,288 167 110 186 89 108 95 555 LfL +4.9% 2,055 2
Slide 17: Disciplined cost growth supports margin resilience
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Disciplined cost growth supports margin resilience Cost of revenue increased in a controlled manner, driven by utilities, franchise fees and staff cost Cost of Revenue Breakdown | SAR m G&A Breakdown |
Slide 18: Resilient margins with continued EBITDA growth
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Resilient margins with continued EBITDA growth Underlying EBITDA growth and margin expansion partially offset pressure from financing costs and one-offs EBITDA | SAR m and % of Revenue Net Profit | SAR
Slide 19: Strong liquidity and continued balance sheet growth
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Strong liquidity and continued balance sheet growth Higher cash balances supported liquidity in Q1-26, while net debt increased moderately Total Assets | SAR m Cash1 | SAR m Excluding proceeds for Suku
Slide 20: Stable credit metrics reflecting the peak investment cycle
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Stable credit metrics reflecting the peak investment cycle Net Debt ÷ EBITDA1 Loan-To-Value2 Total Income producing 47% 45% 13 44% 12 11 38% 10.2x 10.2x 10.2x 36% 10 9 8.1x 8 7.5x 7.5x 7.4x 7.1x 7 7.6x
Slide 21: Well-structured debt profile with no near-term liquidity pressure
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Well-structured debt profile with no near-term liquidity pressure Staggered maturities and diversified funding support liquidity, with refinancing initiatives underway Net Debt Breakdown | SAR m Debt M
Slide 22: Portfolio growth with strong asset quality and visibility
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Portfolio growth with strong asset quality and visibility Expansion in development assets and a long lease runway support continued NAV growth Fair Value of Asset Portfolio | SAR b Record-setting NAV p
Slide 23: Guidance
Guidance 23
Slide 24: With the upsize of Westfield Riyadh facility, we break the link between disposals & CAPEX
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix With the upsize of Westfield Riyadh facility, we break the link between disposals & CAPEX progress, ensuring opening on time Uses Sources Key Takeaways CapEx (SAR b) (SAR b) With Westfield Riyadh facil
Slide 25: EBITDA growth of ~60% in the coming three years
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix EBITDA growth of ~60% in the coming three years as our development projects are being launched Mall of Dhahran Westfield Jeddah U-Walk Qassim SDC Al Khobar exit & Riyadh launch launch launch 2024 Act 2
Slide 26: Net Debt ÷ EBITDA significant decrease as projects become operational
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Net Debt ÷ EBITDA significant decrease as projects under construction become operational Net Debt ÷ EBITDA1 Total Income producing 14 12 11.1x 10.2x 10.2x 10 7.5x 7.9x 7.7x 8 7.5x 7.4x 6 7.3x 2 0 Dec-2
Slide 27: Appendix
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Slide 28: We have created SAR 2b+ profit with Westfield Riyadh & Jeddah completion
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix We have created SAR 2b+ profit with Westfield Riyadh & Jeddah completion and over SAR 800m of additional income Westfield Jeddah Westfield Riyadh >20% >20% Development profit Development profit 1.1b 2.
Slide 29: Undisputed #1 mall developer, owner and operator in KSA
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Undisputed #1 mall developer, owner and operator in KSA Portfolio anchored by high-performing Category A assets (~63% of revenue contribution) Strategically Located Assets Covering ~80% of Population 9
Slide 30: Our Malls
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Our Malls Mall City Performance Category Lease Expiry Year Opened Total GLA (sqm) Occupancy Rate1 Revenue Contribution Cineplex presence Makkah Mall Makkah A Freehold 2011 37,444 98.0% 7.4% No Mall of
Slide 31: Income Statement
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Income Statement Reconciliation to EBITDA (SAR million) Q1 2026 Q1 2025 % Change (SAR million) Q1 2026 Q1 2025 % Change Revenues 582.5 590.6 -1.4 Net profit 203.3 222.7 -8.7 Cost of Revenue (93.7) (78.
Slide 32: Balance Sheet
Q1-2026 Highlights Development/Project Updates Operating Update Financial Update Guidance Appendix Balance Sheet (SAR million) March 2026 December 2025 % Change (SAR million) March 2026 December 2025 % Change Investment properties 30,736.2 29,973.9 2.5 Loans and borrowings 14,596.8 13,668.0 6.8 Prop
Slide 33: Thank You
THANK YOU Contacts Investor Relations Department ir.centers@cenomi.com For more information, visit +966 (11) 825 2080 ir.cenomicenters.com 33