Valmore Holding · EGX:VLMR
Valmore — Egypt Kuwait Holding — Q2 2025 Earnings Presentation
39 slides from Valmore's earnings presentation, August 2025
Slide 1: Egypt Kuwait Holding Investor Presentation Q2 2025
Egypt Kuwait Holding Investor Presentation Q2 2025 August 2025
Slide 2: EKH Overview
EKH OVERVIEW 2
Slide 3: EKH | A Leading MENA-Based Investment Company
EKH | A LEADING MENA-BASED INVESTMENT COMPANY Egypt Kuwait Holding Company (EKH) is one of the MENA region’s fastest- growing and prominent investment companies, established in 1997 by a USD642mn USD248mn USD163mn FY24 Revenue FY24 EBITDA FY24 Attrib. Net Profit consortium of Kuwaiti and Egyptian bu
Slide 4: Diverse Portfolio | Investments Across Five Strategic Sectors
DIVERSE PORTFOLIO | INVESTMENTS ACROSS FIVE STRATEGIC SECTORS Chemicals Building Materials Utilities Oil and Gas Non-Banking Financial Services Natural Gas & Exploration & Consumer & Fertilizers Petrochemicals MDF Electricity Distribution Insurance Production Microfinance & Production • 110k m² faci
Slide 5: Charting Success | Investment Milestones
CHARTING SUCCESS | INVESTMENT MILESTONES ▪ Acquired 100% of Sprea and Plastichem 1997 ▪ Established EKH ▪ Established Building Materials Industries ▪ Increased stake in AlexFert to 57.4% ▪ Established NATGAS with Shell & GAIL (India) - ▪ Acquired a minority stake in Delta Insurance 2007 Company (BMI
Slide 6: Unlocking Value | The Investment Case for EKH
UNLOCKING VALUE | THE INVESTMENT CASE FOR EKH Diversified, resilient portfolio Experienced management team Multiple Investments, with superior cashflow ` Proven track record across multiple sectors generation, diversified across various sectors and geographies and geographies to mitigate market risk
Slide 7: Our Strategy
OUR STRATEGY 7
Slide 8: Transforming to Maximize Value | The Strategic Approach for EKH
TRANSFORMING TO MAXIMIZE VALUE | THE STRATEGIC APPROACH FOR EKH Optimise core portfolio Diversify and grow foreign currency Leverage competitive advantages, improve cost efficiency, Explore new sectors, grow export capabilities, and expand and propel export potential to maximize profitability and in
Slide 9: Our Investments
OUR INVESTMENTS 9
Slide 10: AlexFert | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services ALEXFERT | OVERVIEW Alexandria Fertilizers Company (AlexFert) is an established player in the fertilizer production space producing ammonia, urea, and ammonium USD51.6mn USD22.0mn USD11.8mn sulphate, with exports to ke
Slide 11: AlexFert | Financial and Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services ALEXFERT | FINANCIAL AND OPERATIONAL PERFORMANCE Revenue growth was largely driven by upward trending EBITDA rose 8%, while EBITDA margin remained Net profit grew by 8% y-o-y, supported by revenue urea export prices, u
Slide 12: Sprea Misr | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services SPREA MISR | OVERVIEW Sprea is engaged in the production of 19 different petrochemical products at its state-of- the-art downstream petrochemicals production facility USD41.6mn USD7.28mn USD8.43mn located in 10th of Ra
Slide 13: Sprea Misr | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services SPREA MISR | FINANCIAL PERFORMANCE Revenues1 surged 65% y-o-y, driven by higher sales volumes as EBITDA was pressured by rising import costs and margin Net profit1 fell 29% y-o-y, distorted by USD3.08mn in FX managemen
Slide 14: Sprea Misr | Key Products and Revenue Distribution
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services SPREA MISR | KEY PRODUCTS AND REVENUE DISTRIBUTION Revenue Revenues (USDmn) KEY Distribution by PRODUCTS Product | 2Q25 Formica Formaldehyde & SNF Glue Formurea Liquid & Powder Liquid & Powder Sheets Formica sheets 1%
Slide 15: Sprea Misr | Product Offering
SPREA MISR | PRODUCT OFFERING Product Range Overview Sulfuric Acid Formaldehyde Liquid Sulfonated Phenol FD Resin & Melamine Molding Naphthalene Melamine FD Liquid Urea Formaldehyde Urea Resin Compound Formaldehyde Impregnated Kraft Impregnated Urea Molding Novolac SNF Powder Powder Glaze Urea FD Li
Slide 16: Nilewood | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NILEWOOD | OVERVIEW Nilewood, a joint venture between EKH and Germany's Homann EGP3.6bn 4Q25 73% Holzwerkstoffe, is an upcoming MDF production company. Its state-of-the- Total investment Expected start date EKH effecti
Slide 17: NatEnergy | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NATENERGY | OVERVIEW NatEnergy is the largest private sector operator of natural gas pipelines in the MENA region. NatEnergy groups EKH subsidiaries NATGAS, Fayum Gas, USD16.2mn USD5.33mn USD4.85mn and Nubaria Gas, whi
Slide 18: NatEnergy | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NATENERGY | FINANCIAL PERFORMANCE1 Solid revenue growth driven by higher installations, an increase in Gross and EBITDA margins grew by 5pp and 6pp y-o-y owing to Robust net income growth supported by strong top-line p
Slide 19: Kahraba | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services KAHRABA | OVERVIEW Founded in 2004, Kahraba is the oldest and one of the largest power developers in the region, with a generation and distribution capacity of USD14.4mn USD2.56mn USD1.64mn approximately 645 MW. Kahrab
Slide 20: Kahraba | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services KAHRABA | FINANCIAL PERFORMANCE Revenues up on 36% y-o-y higher distribution volumes, EBITDA delivers growth parallel to that in revenues, Net profit down y-o-y, weighed down by elevated FX fueled by sustained strong m
Slide 21: Kahraba | Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services KAHRABA| OPERATIONAL PERFORMANCE Installed Capacity (MW) Electricity Distribution Volumes (MW) Kahraba’s installed power distribution capacity close to doubled y-o-y in 2025, reaching 510 MW, This expansion in scope dr
Slide 22: Offshore North Sinai (ONS) | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services OFFSHORE NORTH SINAI (ONS) | OVERVIEW On the upstream front, ONS operates six wells within a 443 km2 concession located in the East of the Mediterranean Sea, 56 km offshore North of Port USD16.8mn USD14.5mn USD8.84mn S
Slide 23: Offshore North Sinai (ONS) | Financial & Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services OFFSHORE NORTH SINAI (ONS) | FINANCIAL & OPERATIONAL PERFORMANCE Revenues grew 24% y-o-y, rebounding sequentially, as 1Q25 revenues were impacted by EBITDA margin expanded by 3 pp y-o-y, supported by favorable operatin
Slide 24: Non-Banking Financial Services | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NON-BANKING FINANCIAL SERVICES | OVERVIEW EKH’s NBFS portfolio consists of two leading Egyptian insurance companies, Delta Insurance and Mohandes Insurance, in addition to one rapidly USD74.2mn USD56.7mn USD20.7mn grow
Slide 25: EKH's Strategic Entry into Saudi Arabia's Natural Gas Sector
EKH’S STRATEGIC ENTRY INTO SAUDI ARABIA’S NATURAL GAS SECTOR EKH’s first investment in Saudi Arabia marks a major strategic milestone with the successful completion and launch of a natural gas distribution network in Dammam Industrial City 3 — a strategically located, MODON-managed industrial hub al
Slide 26: Consolidated Performance
CONSOLIDATED PERFORMANCE 26
Slide 27: Consolidated Performance | Income Statement Highlights
CONSOLIDATED PERFORMANCE | INCOME STATEMENT HIGHLIGHTS Revenues (USDmn)1 EBITDA (USDmn) | Margin1 Net Profit (USDmn) | Margin Attrib. Net Profit (USDmn) | Margin 801 (26%) 359 (36%) 186 78 CAGR: CAGR: 362 241 591 +5% +9% 18 50 231 66 58 47 83 54 3 30 6 14 171 179 62 163 +75% 50 226 63 218 161 68 18
Slide 28: Stock and Shareholder Returns
STOCK AND SHAREHOLDER RETURNS 28
Slide 29: Stock Information | Dual-Listed with a Diverse Shareholder Base
STOCK INFORMATION | DUAL-LISTED WITH A DIVERSE SHAREHOLDER BASE EKH is listed on both the Egyptian Exchange (EGX) and Kuwait Stock Exchange (Boursa Kuwait) Share Information EGX Boursa Kuwait Currency EGP USD KWD Number of shares 352,389,240 217,096,228 613,744,083 Reuters ticker EKHOA.CA EKHO.CA EK
Slide 30: Shareholder Returns | Consistent Dividend Payouts Since 2007
SHAREHOLDER RETURNS | CONSISTENT DIVIDEND PAYOUTS SINCE 2007 Total of +USD939mn in dividends paid out since 2007 Stock Dividend Stock Dividend 1:10 Cash Dividend Cash Dividend Cash Dividend Cash Dividend 1:10 USD 0.027/share USD 0.011/share USD 0.072/share USD 0.072/share 2007 2008 2009 2010 2011 Ca
Slide 31: Analyst Consensus | Overweight Ratings with Significant Upside
ANALYST CONSENSUS | OVERWEIGHT RATINGS WITH SIGNIFICANT UPSIDE FOR EKH Upside as of Upside as of Research House Publication Date Target Price Rating Publication Date 30-June-25 28-Nov-24 USD1.19 +57% +73% OVERWEIGHT 5-Jan-25 USD1.26 +33% +53% +83% BUY 17-Dec-24 USD1.00 +26% +46% BUY 16-Oct-24 USD1.2
Slide 32: Appendix
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Slide 33: Board of Directors
BOARD OF DIRECTORS Loay Jassim Al-Kharafi Adel Al-Alfi Jon Rokk Moataz Al-Alfi Chairman of the Board Vice Chairman of the Board Group CEO Member of the Board (Non-Executive) (Non-Executive) (Executive) (Non-Executive) Sheikh Mubarak Abdulla Al- Saad Al-Saad Hussein Al-Kharafi Talal Jassim Al-Kharafi
Slide 34: Management Team
MANAGEMENT TEAM Tamer Badrawi Jon Rokk Medhat Bonna Khaled El-Demerdash Group Chief Human Resources Group Chief Executive Officer Group Chief Financial Officer Group Legal Counsel Officer Wael El Hatow Passant Fouad Mohamed Mager Hany Azzam Chief Investment Officer Chief Marketing and Public Acting
Slide 35: Consolidated Income Statement | 2Q25
CONSOLIDATED INCOME STATEMENT | 2Q25 (in USD) 2Q 2025 2Q 2024 1H 2025 1H 2024 Total Revenues 214,740,166 122,790,626 397,322,250 301,999,551 COGS 115,122,492 74,942,737 226,292,342 174,890,546 Gross Profit 99,617,674 47,847,889 171,029,908 127,109,005 % Margin 46% 39% 43% 42% Selling Expenses 1,133,
Slide 36: Consolidated Balance Sheet | 2Q25
CONSOLIDATED BALANCE SHEET | 2Q25 (in USD) 30-06-2025 31-12-2024 (Cont’d) 30-06-2025 31-12-2024 Property, plant and equipment and projects under construction 234,426,819 239,776,509 Issued & paid-up capital 295,807,388 281,721,321 Investment properties - 343,848 Legal reserve 140,860,661 137,960,942
Slide 37: Consolidated Cash Flow Statement | 2Q25
CONSOLIDATED CASH FLOW STATEMENT | 2Q25 (in USD) 2Q25 2Q24 (Cont’d) 2Q25 2Q24 Net profit for the period before income tax 121,432,822 128,442,408 Cash flows from investing activities Adjustments for: Interest collected 6,798,540 8,094,796 Depreciation & amortization 25,771,161 24,992,497 Company's s
Slide 38: Disclaimer
Disclaimer This presentation was prepared by Egypt Kuwait Holding S.A.E. (“EKH”) and is strictly confidential and may contain market sensitive information. All recipients hereof who are permitted to receive the same are bound by the restrictions on disclosure and use and other terms thereof. The pro
Slide 39: Investor Relations Contact Information
Investor Relations Contact Information Omar Nashaat Investor Relations Director onashaat@ekholding.com (+202)33363300 Maryam Saleh Investor Relations Associate mhaytham@ekholding.com (+202)33363300 IR Website: ir.ekholding.com Egypt Kuwait Holding | Investor Presentation