Sal Saudi Logistics Services Company · TADAWUL:4263
Sal Saudi Logistics Services — Investor Day (October 2025)
72 slides from Sal Saudi Logistics Services's investor day presentation, Oct 9, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day 2025 Scaling Driving Growth, Delivering Impact 9 October 2025
Slide 2: Disclaimer
Disclaimer IMPORTANT: please read the following before continuing. The following applies to this document and the information contained therein, the oral presentation by SAL Saudi Logistics Services Co. (the "Company") or any person on behalf of the Company, and any question-and-answer session that
Slide 3: Today’s Speakers
Today’s Speakers Omar Talal Rayan Mohammed Ahmed Amer Dr. Simon Haydar Hariri AlBakri Nahhas Kheir Abu Obeid Hassannia Ucar CHIEF CHIEF STRATEGY PRESIDENT – ACTING DEPUTY CEO & CHIEF DIGITAL CHIEF FINANCIAL EXECUTIVE DEVELOPMENT & GROUND PRESIDENT – CHIEF GROWTH OFFICER OFFICER OFFICER EXECUTION HAN
Slide 4: Scaling SAL: Delivering Impact, Driving Growth
Scaling SAL: Delivering Impact, Driving Growth Omar Talal Hariri Chief Executive Officer 4
Slide 5: SAL is a leading ground handling and supply chain logistics provider
To be the logistics champion for a Vision globally connected Saudi Arabia. SAL is a leading ground handling To seamlessly deliver world-class and supply chain logistics solutions, creating value for all our stakeholders. Our commitment logistics provider in lies in providing exceptional service Miss
Slide 6: Our Heritage: Eight Decades of Growth and Transformation
Our Heritage: Eight Decades of Growth and Transformation • Formation of Saudia April 1945 Our legacy traces back eight decades when we emerged as an independent entity from Saudia Cargo. Today, as a fully • Formation of Saudia Cargo independent and publicly listed company, we collaborate with Octobe
Slide 7: SAL’s Core Business Divisions Powering Saudi Arabia's Logistics Future
SAL’s Core Business Divisions Powering Saudi Arabia's Logistics Future Ground Handling Logistics Zones Aligned with the Ambitious Government Strategies and Investments • National scale: 19 airports, 4 • End-to-end solutions: global • 1.5m sqm Falcon City hub hubs freight management, contract with ^
Slide 8: Our Coverage: Unique Services and Solutions Offered
Our Coverage: Unique Services and Solutions Offered at our Seamless Stations across all Major Airports in Saudi Arabia Ground Handling Logistics Market-leading Ground Kingdom-wide logistics network, with broader Handling coverage across global reach through business partners Saudi Arabia 45,900 sqm
Slide 9: Experienced Leadership Team with ~250 years of Combined Industry Experience
Experienced Leadership Team with ~250 years of Combined Industry Experience Omar Talal Hariri – Amer Abu Obeid – Haydar Ucar – Mohammed Nahhas – Chief Executive Chief Growth Officer Chief Financial Officer President SAL Ground Officer (Deputy CEO) Handling 20+ years 25+ years 25+ years 14+ years Tra
Slide 10: Award-Winning Leader in Logistics & Employer Excellence
Award-Winning Leader in Logistics & Employer Excellence Best Logistics Company of the Year 2025 2025 Innovation Award – presented by the Ministry of Best Logistics Project of the Year Transport and Logistic Services 2025 Best Technology Implementation Kingdom GRC Team of the Year in Logistics 2025 2
Slide 11: SAL is the National Champion in Ground Handling with Expanding Logistics Capabilities
Today, SAL is the National Champion in Ground Handling with Expanding Logistics Capabilities and Offerings SAL’s Operations at a Glance H1 2025 Contribution Mix 15% 19 +300 +400 Total airports Customers Total Flights Handled (Per Day) Revenue +2,500 ^ 778m 45.9k sqm 141k sqm Logistics Cargo terminal
Slide 12: Revenue Nearly Doubled since 2020 with EBIT Margins at Record Highs
Revenue Nearly Doubled since 2020 with EBIT Margins at Record Highs Outpacing market growth with scalable margins, proving resilience through global trade cycles Revenue, 2020–2024 (^ Million) Topline Expansion and Margin Uplift +14% +12% +27% +19% • Revenue CAGR +14%, nearly doubling since 2020. +1
Slide 13: 2024 - 2030 Targets
2024 - 2030 TARGETS S c a l i n g I n v e s t m e n t , C a p a c i t y, a n d R e v e n u e +2.5X +2X +8X Increase in Increase in Increase in sqm revenue volumes warehouse space (2024: SAR 1.6bn) (2024: 972k Tons) (2024: 150k SQM) Source: Company information sal.sa *Multipliers compared to 2024 13
Slide 14: Corporate Strategy & Execution
Corporate Strategy & Execution Rayan AlBakri Chief Strategy Development & Execution Officer 14
Slide 15: SAL’s 2030 Strategy
SAL’s 2030 Strategy SAL is currently poised for the next chapter of its growth journey Scaling SAL: Delivering Impact, Driving Growth Divisions with Visions 0 Ta r g e Executing Strategic Pillars Ground Maintain market 2 03 ts Expansion Engines ▪ Fuel top-line growth across key verticals Handling le
Slide 16: SAL Strategy Execution
SAL Strategy Execution 84% of the strategic initiatives have been initiated 13 Strategic Objectives 19 Strategic Initiatives 50 Projects 150 KPIs across the leadership To drive strategic growth and operational transformation, SAL’s strategic initiatives are focusing on: Ground Handling 6 Retaining c
Slide 17: An Established Sustainability Focused Agenda
An Established Sustainability Focused Agenda Main Stakeholder Engagement Initiated study on leading Communication initiated with GACA 01 Sustainable impact initiatives and Saudia Group to understand their sustainability mandate Scope 1: Direct Emissions and align 02 All direct emissions from the act
Slide 18: From Pre-IPO Ambition to Strategic Refinement
From Pre-IPO Ambition to Strategic Refinement Building on strengths while reshaping priorities to reflect market realities. Ground Handling Logistics Solutions Fulfillment PAX Handling (Contract Logistics) Maintain market Be the logistics partner of Lead e-commerce Deliver nationwide ASPIRATION lead
Slide 19: Megatrends Redefining Our Industry
Megatrends Redefining Our Industry Opportunities to harness trade shifts, automation, and sustainability to fuel next-generation growth Global Trade E-Commerce Supply Chain Technology & Sustainability & Shifts Boom Resilience Automation Green Logistics Structural Rising online Global volatility AI,
Slide 20: SAL is Enabling the Kingdom’s Economic Transformation Ambitions
SAL is Enabling the Kingdom’s Economic Transformation Ambitions Expanding Cargo Positioning Saudi Developing Local Advancing Capacity & as a Global Capabilities & Sustainable Infrastructure Logistics Hub Talent Operations Expand ground handling Support Vision 2030 Deliver training and Transition to
Slide 21: SAL’s Competitive Advantages
SAL’s Current Strengths Competitive Sticky customer relationships with Consistently high profitability minimal churn, anchored by strong service exceeding peers and internal targets. Advantages quality and reliability. Diversified offerings across ground Market leader in ground handling with a handl
Slide 22: Managing Risks, Unlocking Growth
Managing Risk How We Manage It Outcome Risks, • Kingdom-wide presence • Global third-party logistics Unlocking Regional & global competition • Strong airline partnerships • Continued investment in partnerships • Delays in flight capacity deployment Growth infrastructure reach their intended volumes
Slide 23: Division Deep Dive: Ground Handling
Division Deep Dive: Ground Handling Mohammed Nahhas President – Ground Handling 23
Slide 24: Ground Handling 2024-2030 Targets
Handling Ground 2024-2030 TARGETS S c a l i n g I n v e s t m e n t , C a p a c i t y, a n d R e v e n u e +1.6X +2X +1.4X Increase in Increase in Increase in sqm revenue volumes terminal space (2024: SAR 1.4bn) (2024: 972k Tons) (2024: 141k SQM) Source: Company information sal.sa *Multipliers compa
Slide 25: Overview: Market-leading Ground Handling division
Ground Handling I Import T Transfer E Export Overview: Market-leading AIRSIDE Ground Handling division Aircraft Ramp Handling I T E Cargo Handling I T E LANDSIDE AD D E D V AL U E I T T E I T T I I T Facility Customs Terminal Storage Inspection Handling Screening Road Feeder Escorting Cold Services
Slide 26: Operational Excellence and Market Relationships
Ground Handling Operational Excellence and Market Relationships Key Operational Metrics (FY 2024) Selection of Clients 171K 469 Total flights handled Daily flights handled 2.7k 972k Tons of Cargo Tons of Cargo Handled Daily Handled +250 100% Customers Client Retention Rate 3 years 94% Avg. Contract
Slide 27: Proven Ability to Adapt to External Challenges
Ground Handling Proven Ability to Adapt to External Challenges in Operating Environment Consistently adapting to operational disruptions while safeguarding market share and service continuity, and expanding landside and value-added services COVID 19 Shipping Disruptions Competitive Pressure Global T
Slide 28: Scaling Ground Handling to Support Market Growth
Ground Handling Scaling Ground Handling to Support Market Growth Volumes Handled by SAL, 2022–2024 (Thousand Tons) Proven Capacity to Capture Future Demand 972 +10% ▪ Volumes up c.35% from 2022 to 810 2024 (722k to 972k Tons) 722 ▪ Growth driven by rising import flows (esp. from e-commerce), 491 461
Slide 29: Sustained Financial Outperformance Through Ground Handling Agility & Excellence
Ground Handling Sustained Financial Outperformance Through Ground Handling Agility & Excellence Revenue, 2020–2024 (^ Million) Key Growth Drivers +9% 2,200 ▪ Market Leadership 1,220 1,363 939 1,062 847 ▪ Operational Efficiency 2020 2021 2022 2023 2024 2030 ▪ Customer Partnerships Target EBIT (Abs. &
Slide 30: Saudi Arabia Air Cargo Growth Outlook
Ground Handling Saudi Arabia Air Cargo Growth Outlook Rising Demand Driven by Trade, E-Commerce and Diversification KSA Air Cargo Market Forecast 1 Growth Drivers by Segment (2024–2030, Thousand Tons) • Imports: Rising consumer demand, fast-growing e-commerce, and reduced “leakage” to +9% 2,272 2,07
Slide 31: Three Key Drivers that will Support our Future Growth
Ground Handling Three Key Drivers that will Support our Future Growth Expansion Operational Transformation Engines Excellence Enablement Protect and Grow Core Enhance operational Technology-enabled Customer Base capability ground operations • Strengthen long-term • Strengthen capacity to • Modernize
Slide 32: Investing Heavily in Ground Handling Infrastructure
Ground Handling Investing Heavily in Ground Handling Infrastructure Deployed Investments Future Investments 600mn 141K 922mn 195K ^ SQM ^ SQM Over the past 6 years Over the next 5 years Source: Company information 32
Slide 33: Deploying Capital to Shape the Next Phase of Ground Handling Leadership
Ground Handling Deploying Capital to Shape the Next Phase of Ground Handling Leadership ^ 922 PLANNED CAPEX (2025-2030) DOUBLING OUR CAPACITY 2024 2025 2026 2027 2028 million Bidding Design RUH Station Phase 2 (North & South Terminal) King Khalid Terminal Expansion Construction & Implementation (33
Slide 34: Key Takeaways
Ground Handling Key Business driven Customer Focus 1 Takeaways growing SAL’s customer base and maintaining long term relationships Resilient core business aligned with Vision 2030, leveraging SAL’s 2 Enablement initiatives assisting that growth Maintain margins through operational 3 excellence and d
Slide 35: Division Deep Dive: Logistics
Division Deep Dive: Logistics Ahmed Kheir Acting President - Logistics 35
Slide 36: Logistics 2024-2030 Targets
2024-2030 TARGETS S c a l i n g I n v e s t m e n t , C a p a c i t y, a n d R e v e n u e +5.5X +22X +2.8X +4.7X Increase in Increase in sqm Increase in Air Increase Sea revenue warehouse Freight Tons Freight TEUs space (2024: SAR 271mn) (2024: 9.4k SQM) (2024: 9.7k Tons) (2024: 2.1k TEUs) Source:
Slide 37: Expanding a Logistics Division Primed for Significant Growth
Expanding a Logistics Division that is Primed for Significant Growth Towards Capturing a ^ 70 billion Market Opportunity1 Freight Project Fine Arts Events & Sport Contract Hazardous Cold Record Forwarding Logistics Logistics Logistics Logistics Materials Chain Management Multi-modal Handling Secure
Slide 38: Maintaining Focus in an Attractive Industry
Maintaining Focus in an Attractive Industry Key Operational Metrics (FY 2024) Sectors in Focus 2030 Growth Ambitions 3 +9,500 Air Freight Tonnage Arts, Sport and Entertainment ▪ $18.6B (^ 70bn) market opportunity ▪ Sector share of GDP to rise Aerospace and Defense from 6% to 10% +2,000 Sea Freight T
Slide 39: Financial Performance: Expanding Capabilities, Driving Performance
Financial Performance: Expanding Capabilities, Driving Performance Key Growth Drivers Revenue (^ Million) Broadened Service Offering – Growth fueled by warehouse 1,500 management contracts, event logistics, and launch of the +52% 271 Dammam warehouse center. 236 160 Expanded Infrastructure & Network
Slide 40: Three Key Drivers that will Support our Future Growth
Three Key Drivers that will Support our Future Growth Expansion Operational Transformation Engines Excellence Enablement Expand Offerings Streamline Processes Digitalization • Diversified verticals across • Deploy real-time tracking • Deploy advanced digital logistics & super niche • Support high-va
Slide 41: Anchoring Growth through Riyadh, Jeddah, and Dammam Hubs
Anchoring Growth through Riyadh, Jeddah, and Dammam Hubs – Supported by Inorganic Expansion Capacity Plan (2025 – 2030) Capacity expansions are coupled with new new services and new machinery +800 Prime Movers Key: +1,700 Trucks (Trailers, Low Bed & Multi-Axle Trucks) Planned Existing Dammam • 5,500
Slide 42: Key Takeaways
Key Diversified Growth Engine: Scaling 8 1 Takeaways high-growth verticals aligned with Vision 2030 Clear path to scale: Nationwide footprint, 2 JVs, and partnerships unlocking exponential growth with a global reach Efficiency advantage: Technology-driven 3 platforms delivering lower costs, higher m
Slide 43: Zones & Growth
Zones & Growth Amer Abu Obeid Deputy CEO & Chief Growth Officer 43
Slide 44: Unlocking the next wave of sustainable growth across all SAL verticals
+2.5X Recap of SAL Growth Initiatives Increase in revenue (2024: ^ 1.6bn) • Strengthen core capabilities and operational efficiency • Drive growth through capacity investments and manpower operations. Ground Handling • Deepen airline partnerships and expand internationally • Pursue inorganic growth
Slide 45: Zones 2024-2030 Targets
Zones 2024 - 2030 TARGETS S c a l i n g I n v e s t m e n t , C a p a c i t y, a n d R e v e n u e ^ +4.2BN +890k ^ +400MN Investments sqm warehouse Revenue space Source: Company information sal.sa * 2030 Targets 45
Slide 46: Market Opportunity
Zones Market Opportunity Untapped demand for class A GEOGRAPHIC warehousing supported by 90% <1 km solid fundamentals Of GCC population from North-South ^ rail reached within 12 hours line, offering direct of trucking container connectivity ^ 135bn1 ^ 515bn2 ^ 108bn3 MACRO Investments in logistics T
Slide 47: Laying the Foundations for Future Growth
Zones KSA Warehousing demand KSA supply GAP Supply Gap Breakdown Warehousing (2023-2030, mn SQM) (2030, mn SQM) (2030, mn SQM) Market Increase of warehousing space A gap of 9.6mn SQM is expected, Supply gap likely to be concentrated in demand is anticipated driven by even with the Logistics Zones th
Slide 48: Expanding Beyond the Core: From Ground Handling Leader to Integrated Logistics Champion
Zones Expanding Beyond the Core: From Ground Handling Leader to Integrated Logistics Champion Our Key Objectives Building an Integrated Platform 1 Diversify revenue beyond ground handling into Ground Freight higher-value, recurring revenues. handling forwarding, leadership, contract logistics, compl
Slide 49: Leveraging a Highly Compelling Value Proposition
Zones Leveraging a Highly Compelling Value Proposition Sudair Industrial City In a thriving ecosystem… Direct highway and future Active industrial hub corridor SELA’s 14m SQM rail access, 74km from KKIA master development Riyadh-Qassim highway Between production and Primed for North Riyadh consumpti
Slide 50: Anchoring Long-term Value While Following a Prudent Approach
Zones Anchoring Long-term Value While Following a Prudent Approach Projected annual Stable Recurring Lease income from pre-built & BTS; long-term build-to-suit; demand. long-term ^ 400- revenue at full Revenues demand from direct customers. 500mn occupancy Warehousing tenancy Value Creation High Cus
Slide 51: By Primarily Focusing on Three Tenant Categories
Zones By Primarily Focusing on Three Tenant Categories Customer typologies SAL Logistics BU Direct end-customers 3PLs (3rd party) Role in the • Serves as an internal user ensuring • Provide stable, long-term demand • Act as service providers and zone baseline occupancy consolidate diverse tenants •
Slide 52: Executing the Plan: Phased Development, following Clear Milestones
Zones Executing the Plan: Phased Development, following Clear Milestones Groundbreaking Early Leasing Begins Phase 1 Completion Revenue generation Phase 2 Completion Positive Net Profit 2025 2026 2027 2028 2029 2030 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Agreement si
Slide 53: Executing the Plan: Clear CAPEX roadmap ensuring deployment readiness
Zones Executing the Plan: Clear CAPEX roadmap ensuring deployment readiness Our strategy of structured capital allocation ensures timely execution of developments and long-term value creation Phase 1 Construction Costs - BTS Phase 2 Construction Costs - pre-build 71 2025 19 27 71 Construction Costs
Slide 54: Prudent Investment Model With Clear Path to Profitability (SAL Zone)
Zones Prudent Investment Model With Clear Path to Profitability (SAL Zone) Front-loaded infrastructure, strong anchor tenant, and disciplined financing deliver ~11.4% IRR Revenue Estimates EBITDA Estimates Targeted Financing Sources (^ Million) (^ Million) (on the SPV level) 500 462 Project Finance
Slide 55: Digitalization
Digitalization Dr. Simon Hassannia Chief Digital Officer 55
Slide 56: SAL Digital Strategy: The Integrated Logistics Champion in Saudi Arabia
Digital SAL Digital Strategy: The Integrated Logistics Champion in Saudi Arabia Connecting all stakeholders for ecosystem-optimization and revenue uplift Exemplary Partners SAL DIGITAL trusted Logistics Hub of Vision 2030 LOGISTICS AIRLINES AUTHORITIES PROVIDERS Connecting the logistics ecosystem to
Slide 57: Building a Seamless Digital Customer Journey with New Service Monetizations
Digital Building a Seamless Digital Customer Journey with New Service Monetizations Customer Journey Shipment Arrival Customs Clearance Terminal Storage Transportation Warehousing Fulfilment Customer Platform Reserved Document Digital Added Value Transport Fulfilment Booking Verification Payment Ser
Slide 58: Case Study: Strategic Partnership with ELM to establish a Digital Customer Journey
Digital Case Study: Strategic Partnership with ELM to establish a Digital Customer Journey FROM TO FROM paper-based manual customer handling in stations TO a digital customer journey developed by ELM FROM ⌀ 2.5 hours waiting time TO <0.5 hours waiting time due to advance booking FROM high workload o
Slide 59: Plug & Play Partnership Model for Asset-light Growth beyond Core Business
Digital Plug & Play Partnership Model for Asset-light Growth beyond Core Business SAL Digital will capture the entire Kingdom’s logistics via its Air Cargo Positioning Partnership Categories Partnerships (Illustrative) Partner-funded Service) Trade Finance, Digital Payments On-Demand Insurance, Clai
Slide 60: SAL Digital Transformation: Robust Building Blocks with Expected Impact
Digital SAL Digital Transformation: Robust Building Blocks with Expected Impact Digital Strategy Digital Transformation Targets by 2030 ELM Customer Platform Selected Initiatives & Monetizing Digital Delivered Impact 24/25 CUSTOMER Customer Journey. +5% EBITDA Uplift from Digital Revenues +150,000 h
Slide 61: Financial Performance & Capital Allocation Plan
Financial Performance & Capital Allocation Plan Haydar Ucar Chief Financial Officer 61
Slide 62: Forecasting Sustained Growth in Ground Handling and Logistics Volumes through 2030
Forecasting Sustained Growth in Ground Handling and Logistics Volumes through 2030 Estimated Ground Handling Volumes – incl. Inorganic 195 195 195 200 Ground Handling Demand Drivers 2,000 154 154 150 141 • Tourism growth and mega events under Vision 2030; 100 • Increase of Industrial development and
Slide 63: Resilient and Diversified Revenue Growth to SAR 4+ billion by 2030
Resilient and Diversified Revenue Growth to ^ +4 billion by 2030 Increasing contribution from three divisions through organic and inorganic growth, with visible revenue streams tied to recurring customer demand Consolidated 2030 Revenue Target (^ million) Resilient Revenue Trajectory ✓ 16% CAGR to 2
Slide 64: Prudent Use of Debt Capacity to Fund Infrastructure and Expansion
Prudent Use of Debt Capacity to Fund Infrastructure and Expansion Estimated Leverage and Debt Capacity 4.3x 5.0 x Disciplined Balance Sheet, Strong Debt Capacity 4.5 x 4.0 x 3.8x 3.5 x 3.0 x 2.5 x • Leverage rises temporarily to ~4.3x 2.0x by 2029 but remains within prudent 2.0 x 1.5 x 1.0 x thresho
Slide 65: Disciplined Capital Allocation Sustains Healthy Margins Across Divisions
Disciplined Capital Allocation Sustains Healthy Margins Across Divisions Diversification across Ground Handling, Logistics, and Zones maintains consolidated EBITDA margins near 40% through the cycle Estimated EBITDA Margin Profile Resilient Margin Outlook 100 Zones • Consolidated margins ease modest
Slide 66: Attractive & Sustainable Dividends
Attractive & Sustainable Dividends Proven ability to return cash to shareholders while funding growth ambitions Dividends Paid and Net Profit ( ^ Million) Key Facts 661 ^ 1.4bn 510 494 Dividends since 2020 362 352 Record 276 255 ^ 480mn Dividends in 2024 238 (^ 236mn distributed in First Half 2025)
Slide 67: Balanced Allocation across Core, Growth, and Transformation
Balanced Allocation across Core, Growth, and Transformation ^ 5.2bn Capex Program Underpinning Long-Term Phased deployment through 2030 ensures Growth disciplined execution (^ million) Ground Capacity expansions and 1,375 1,373 Handling refurbishments across (^ 922mn) major hubs 950 Investment in ne
Slide 68: Key Takeaways
Key 1 Clear and deliverable growth plan Takeaways 2 Diversified high growth revenue-mix 3 Disciplined cost and capital allocation 4 Shareholder returns at our core 68
Slide 69: Scaling SAL: Delivering Impact, Driving Growth – Closing Remarks
Scaling SAL: Delivering Impact, Driving Growth Closing Remarks Omar Talal Hariri Chief Executive Officer 69
Slide 70: Final Takeaways
Final Takeaways National Ground Handling and Supply Chain Solutions Champion; 1 Scaling Fast Increasingly Diversified Business Growth Powered by SAR 5.2bn 2 Capex 3 Digital and Operational Excellence Driving Sustain Robust Margins 4 Prudent Capital Allocation with Strong Returns 5 Key Enabler for Sa
Slide 71: Q&A
Q&A 71
Slide 72: Thank You
Thank You sal.sa 72
SAL Saudi Logistics Services Company — Investor Day (October 2025) on 6ix