Ades Holding Company · TADAWUL:2382
Ades — H1 2026 Earnings Presentation
24 slides from Ades's earnings presentation, August 2026
Slide 1: Results Presentation 1H 2026
STRATEGY SYNERGY SCALE Results Presentation 1H -2026
Slide 2: Leader in Shallow Water Offshore and Onshore Drilling with 123 Rigs
Leader in Shallow Water Offshore Global Scale Operations and Onshore Drilling with 123Rigs in 20 1 1 Countries Proven Consolidator Leading Scale & Visible, Contracted # of Rigs Through Cycles Profitability Growth 1 2 123 rigs 1 Revenue 1H 26 SAR 4.54bn 1H 25 SAR 3.05bn SAR 34.67bn 8 11 backlog 3 16
Slide 3: Market Update
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Slide 4: Continued Demand and Investment in Oil & Gas into 2050
Continued Demand and Investment in Oil & Gas into 2050 Projected Global Energy Mix Projected Global Oil Supply Requirements 2050 (mboe/d, %)* (mmboepd)* Oil Supply 51.1 (+12% vs. last year) 19.1 2025 10.6 36.6 63 123 31.3 Oil Supply 29 8.6 11.6 (+4% vs. last 7.8 16.9 24.9 year) 14.9 51.4 99 77.5 81.
Slide 5: Jackup Market Fundamentals Remain Resilient
Jackup Market Fundamentals Remain Resilient Jack -ups Supply -Demand Outlook Jack -up orderbook showing only a small handful of orders # Rigs Orderbook 160 35% Orderbook as % of Marketed Supply 450 100% Orderbook as % of Total Supply 140 30% 400 90% 80% 120 350 25% 70% 300 100 60% 20% 250 50% 80 200
Slide 6: Jackup Market Fundamentals Remain Resilient: Dayrates and Utilization
Jackup Market Fundamentals Remain Resilient Dayrates - Jackups All jackup utilization 160 140 100 95 120 90 100 85 USDk/day Utilization (%) 80 80 75 60 70 40 65 60 20 55 0 50 Jan 2017 Jan 2021 Jan 2016 Jan 2019 Jan 2018 Jan 2022 Jan 2025 Jan 2020 Jan 2023 Jan 2026 Jan 2024 2016 2017 2018 2019 2020 2
Slide 7: Tendering Activity is Accelerating Again After its 2024 Lows
Tendering Activity is Accelerating Again After its 2024 Lows Following the Completion of the Aramco Megaproject Cycle Tender and pre-tenders for jackups (rig years) by lead time 200 180 Tenders and pre-tenders for jackups (years) 160 140 120 100 80 60 40 20 0 29/01/2022 29/06/2022 29/10/2022 29/02/2
Slide 8: Business Update
Business Update
Slide 9: Sustaining World-Class Safety and Operational Excellence
Sustaining World -Class Safety and Operational Excellence SAR, % YoY 1H 2026 Comparative Utilization Rate 1 97.6% 98.6% in 1H 2025 Total Backlog 34.67 bn vs. SAR 34.71 bn in FY 2025 Weighted Average Remaining Tenor 2 4.54 vs. 4.73 in FY 2025 TRIR 3 0.08 vs. IADC standard of 0.35 Source: ADES informa
Slide 10: Shelf Drilling Integration & Enhanced Visibility on Synergies
Shelf Drilling Integration & Enhanced Visibility on Synergies The integration is guided by five core priorities: Health & Safety Operational Bringing the Best of Client Satisfaction and Synergy and Value First Excellence Both Organizations Commercial Strength Creation Maintaining safety as the Stand
Slide 11: Exceptional Revenue Growth and Delivering Strong EBITDA Performance
Exceptional Revenue Growth and Delivering Strong EBITDA Performance SARmn, % YoY 2Q 2026 2Q 2025 Change 1H 2026 1H 2025 Change Revenue 2,153.3 1,578.8 + 36.4% 4,544.1 3,048.9 + 49.0% EBITDA As a % of Revenue 1,014.3 858.2 + 18.2% - 7.3pp 2,164.0 1,674.5 + 29.2% - 7.3pp 47.1% 54.4% 47.6% 54.9% Net Pr
Slide 12: Achieving a Backlog of SAR 34.67 Billion in 1H 2026
Achieving a Backlog of SAR 34.67 Billion in 1H 2026, one of the highest in the industry ADES’ weighted average remaining contract tenor stood at 4.54 years Backlog by Segment SAR 34.67 bn Backlog by Country Backlog KSA 66% of backlog is Kuwait coming from GCC (30 June 2026) Qatar countries 4.6% 14.1
Slide 13: Committed to Operational Excellence & Sustainability
Committed to Operational Excellence & Sustainability Best -in-Class Safety Record Supported by The REI Drives Levels of Activity and Continued Innovation Renewals with Aramco 10% ◼ FTP 4 45% 10% IADC 2 ◼ NPT 5 35% 45% Average REI ◼ HSE 10% 0.35 Rig Efficiency Index (“REI ”) Composition ◼ Local Conte
Slide 14: 1H 2026 Financial Update
1H 2026 Financial Update
Slide 15: Steady Backlog Performance Thanks to Contract Renewals and Awards
Steady Backlog Performance Thanks to Contract Renewals and Awards Backlog (SAR bn) Contract Awards and Renewals in 1H 2026 0.1% • ADES signed multi-year contracts with West African Exploration & Production Company Limited (WAEP) for three premium jack -up rigs offshore Nigeria. • Secured a one-year
Slide 16: Exceptional Top-line and EBITDA Growth Driven by the Shelf Acquisition
Exceptional Top -line and EBITDA Growth Driven by the Shelf Acquisition and a Broadening Global Platform Consolidated Revenue by Segment (SAR mn) EBITDA (SAR mn) 54.4% 47.1% 54.9% 47.6% 49.0% 4,544 15% 18.2% 29.2% 3,049 2,164 36.4% 2,153 19% 1,675 1,579 16% 85% 20% 1,014 81% 858 84% 80% 2Q 2025 2Q 2
Slide 17: Building Operational Momentum Across Existing and New Geographies
Building Operational Momentum Across Existing and New Geographies Figures in SAR mn KSA 13.5% 47% of revenue 11.7% 2.8% Kuwait generated from GCC 8.7% countries 1,817 9.9% Qatar West & Central Africa* 1,605 Revenue by 10.3% Southeast Asia** Country 1H 2026 Egypt India 6.7% 35.3% Norway 4.4% Algeria
Slide 18: Resilient Operating Performance with Margins Positioned to Recover
Resilient Operating Performance with Margins Positioned to Recover as Shelf Synergies Build Net Profit (SAR mn) Group Equity (SAR mn) 12.7% 8.2% 3.7% 1.8% 12.1% 6.2% 6,813 6,936 388 374 30.5% 192 133 2Q 2025 2Q 2026 1H 2025 1H 2026 Net Profit Margin FY 2025 1H 2026 • Group equity increased reflectin
Slide 19: Strong Cash Flow Conversion
Strong Cash Flow Conversion Capex (SAR mn) Free Cash Flow (SAR mn) 1 83% 86% 16.9% 35% 1,867 967 804 288 1,387 297 679 507 1H 2025 1H 2026 CAPEX Recurring Maintenance 1H 2025 % Cash Conversion 2 1H 2026 • The decrease in total CAPEX reflects lower activities and deployments in • The Group’s free cas
Slide 20: Net Debt Evolution
Net Debt Evolution 1H 2026 Net Debt Bridge1 (SAR mn) 17,791 1,034 181 18,131 804 321 (2,000) FY2025 Operating Cashflow Change in W.C CAPEX *Int. Fees & Others Tax & Provision Paid 1H 2026 The balance of cash and cash equivalents as of 30 June 2026 amounted to SAR 2,435million. 1Net debt equals Inter
Slide 21: Outlook
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Slide 22: Guidance for 2026 and Interim Dividends
Guidance for 2026 and Interim Dividends ADES maintains its guidance for FY 2026 with EBITDA expected to be in the range of SAR 4.50 –4.87 billion, up c.26 -37% y -o-y increase supported by continued international growth, growing contribution from ADES’ SAR 4.50-4.87bn production model in brownfields
Slide 23: Thank You
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Slide 24: Important Notice
Important Notice This documentand information containedherein(the“Information”) has beenpreparedby ADES HoldingCompany(the“Company”) forbackgroundpurposesonlyanddoesnotpurportto be a full,accurate, completeor comprehensive analysisof theCompany’s business,financialor tradingpositionor futureprospect